Bitcoin Mining Stocks Underperform Despite Bullish Crypto Market

Despite Bitcoin's impressive year-on-year rally, publicly listed Bitcoin mining companies have seen their stock values decline significantly.

The cryptocurrency market has been volatile, especially in recent months, with Bitcoin surging 128% year-on-year as of Christmas Day. However, this bullish trend hasn't translated into gains for publicly listed Bitcoin mining companies, with many experiencing significant stock declines. Argo Blockchain recorded the biggest losses, with its stock plummeting 84.31% year-to-date (YTD) and 5% in the past 24 hours.

Greenidge also suffered major losses, dropping nearly 9% in the last day and over 74% YTD. Other poorly performing stocks included Sphere 3D, Mawson Infrastructure Group, and Ebang International, all registering substantial YTD declines. Even larger-cap firms like Riot Platforms and Marathon Digital reported notable losses. On a positive note, companies like TeraWulf and Bitdeer bucked the trend, posting significant YTD increases

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