28 Mar 2022

Bitcoin mining stocks starting 2022 in the red

While the bitcoin price is flat since the new year, nine of the ten largest bitcoin mining stocks are in the red.
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Source: Tradingview
A meager 1% gain is enough to make Riot the best-performing bitcoin mining stock in 2022, revealing how these stocks have been underperforming.Most of these stocks are down double-digit percentages, and the worst performer is Terawulf, with a 36% decline.Still, the miners have seen substantial recoveries as the bitcoin price has rebounded over the past two weeks. Most of these stocks have followed each other closely, as they all are highly correlated to bitcoin.Bitcoin mining stocks can be viewed as high beta bitcoin investments, as they tend to follow the bitcoin price but are more volatile. You can read more about it in this article.
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