08 Jun 2022

Mixed performances among mining stocks

Most mining companies continue falling, but we also see some gains
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Bit Mining is the best performing mining stock over the past seven days after increasing by 12%. This is a continuation of the stock's phenomenal performance over the past month, where it's up 30%. The company is building a 150 MW facility in Ohio, and the work has been progressing nicely.
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Source: Tradingview
After a solid finish to May, Cipher is the worst performer over the past seven days and has declined 16%. Core Scientific continues its dreadful performance in 2022 and is down 13% over the past seven days. The company now has a self-mining hashrate of 9.2 EH/s, growing its hashrate by almost 10% in May, which is faster than most other miners.Greenidge also continues falling and is now down 76% YTD. The energy producer turned bitcoin miner owns a natural gas-fired power plant in upstate New York that powers its operation. The New York Senate recently passed a bill banning mining operations that use carbon-based fuel to power their facilities. The bill doesn't impact existing mining facilities, but it's still a significant setback for the New York bitcoin mining industry and will limit Greenidge's expansion possibilities in the state.
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