{"id":490858,"date":"2022-05-19T09:00:59","date_gmt":"2022-05-19T09:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=490858"},"modified":"2022-05-19T07:58:47","modified_gmt":"2022-05-19T07:58:47","slug":"u-s-mining-stocks-drop-almost-50-despite-hashrate-increasing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/u-s-mining-stocks-drop-almost-50-despite-hashrate-increasing\/","title":{"rendered":"U.S. Mining Stocks Drop Almost 50% Despite Hashrate Increasing"},"content":{"rendered":"

The Cambridge Center for Alternative Finance, a financial research institute affiliated with Cambridge University, has <\/span>found <\/span><\/a>that the Bitcoin hashrate was up by 4% in August from the previous year, from 35% to 39%. But, still, the mining stocks have seen declines in the last month, with Bitcoin prices going down. The concluded figure involves BTC.com, Via BTC, and Pooling data.<\/span><\/p>\n

Cryptocurrency mining involves verifying and broadcasting the transactions on the relative blockchain ledger. It is a computationally-intensive process that opens doors for validators (who validate transactions) to earn rewards. Validators verify the transaction by guessing a unique hash number associated with each transaction. And it requires computing power more than simple PCs.<\/span><\/p>\n

Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate<\/a><\/strong><\/em><\/p>\n

Similarly, it needs a more powerful computer when verifying transactions on the Bitcoin network. Because the Bitcoin algorithm creates difficulty when too many validators come online simultaneously.<\/span><\/p>\n

Mining Bitcoin through a home computer was feasible a decade ago. However, considering the problems that arose with the growth of BTC mining, U.S. public companies such as Marathon Digital Holdings, Riot Blockchain, and Core Scientific owned<\/a> server forms have made this type of work more accessible.<\/span><\/p>\n

\"Bitcoin
Bitcoin is currently trading below $29,000 | Source: BTC\/USD price chart from Tradingview.com<\/a><\/figcaption><\/figure>\n

Mining Stocks Dropped Nearly 50%<\/span><\/h2>\n

The most recent bloodbath in the crypto market, which has seen the collapse of TerraUSD and the price dips of many cryptocurrencies, also caused a slump in the price of the shares of these mining companies.<\/span><\/p>\n

Since April 18, mining stocks of Core Scientific and Marathon have nearly lost<\/a> 47% of their value. Likewise, Riot\u2019s shares are reduced by its one-half, and Canadian-based Hut 8 Mining Corp has similarly diminished by<\/a> 41% of the value of its shares.<\/span><\/p>\n

A few crypto traders point out that seeing the last month\u2019s decline of 25% in Bitcoin price and the increasing correlation of crypto with the stock market, investors would now be cautious about cryptocurrency investment.<\/span><\/p>\n

The level of correlation between crypto and stocks has lasted between 0.67 to 0.78, with the BTC falling 10% on the day of peak correlation. Here 0 refers to no relationship, and 1 implies being completely correlated.<\/span><\/p>\n

Richard Craib, chief of the San-Francisco-based hedge fund Numerai, stated<\/a> that digital assets are now \u201cpart of the mainstream financial system, and that\u2019s not good for its viability as an alternative asset class. It\u2019s not serving its original purpose as an uncorrelated asset.\u201d\u00a0<\/span><\/p>\n

Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping<\/a><\/strong><\/em><\/p>\n

Analysts say that some traditional investors have ended up their crypto trading. The plummet of tech stocks has become the reason behind the exit of many investors. So they are selling their virtual assets to raise funds.\u00a0<\/span><\/p>\n

In addition, the raised concerns about the environmental impacts of mining could also play their role in dropping stock prices. As of now, 160 crypto mining bills are waiting<\/a> for the consideration of the government authorities in over 30 states.<\/span><\/p>\n

Featured image from Pixabay and chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The Cambridge Center for Alternative Finance, a financial research institute affiliated with Cambridge University, has found that the Bitcoin hashrate was up by 4% in August from the previous year, from 35% to 39%. But, still, the mining stocks have seen declines in the last month, with Bitcoin prices going down. The concluded figure involves BTC.com, Via BTC, and Pooling data. Cryptocurrency mining involves verifying and broadcasting the transactions on the relative blockchain ledger. It is a computationally-intensive process that opens doors for validators (who validate transactions) to earn rewards. Validators verify the transaction by guessing a unique hash number associated with each transaction. And it requires computing power more than simple PCs. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Similarly, it needs a more powerful computer when verifying transactions on the Bitcoin network. Because the Bitcoin algorithm creates difficulty when too many validators come online simultaneously. Mining Bitcoin through a home computer was feasible a decade ago. However, considering the problems that arose with the growth of BTC mining, U.S. public companies such as Marathon Digital Holdings, Riot Blockchain, and Core Scientific owned server forms have made this type of work more accessible. Mining Stocks Dropped Nearly 50% The most recent bloodbath in the crypto market, which has seen the collapse of TerraUSD and the price dips of many cryptocurrencies, also caused a slump in the price of the shares of these mining companies. Since April 18, mining stocks of Core Scientific and Marathon have nearly lost 47% of their value. Likewise, Riot\u2019s shares are reduced by its one-half, and Canadian-based Hut 8 Mining Corp has similarly diminished by 41% of the value of its shares. A few crypto traders point out that seeing the last month\u2019s decline of 25% in Bitcoin price and the increasing correlation of crypto with the stock market, investors would now be cautious about cryptocurrency investment. The level of correlation between crypto and stocks has lasted between 0.67 to 0.78, with the BTC falling 10% on the day of peak correlation. Here 0 refers to no relationship, and 1 implies being completely correlated. Richard Craib, chief of the San-Francisco-based hedge fund Numerai, stated that digital assets are now \u201cpart of the mainstream financial system, and that\u2019s not good for its viability as an alternative asset class. It\u2019s not serving its original purpose as an uncorrelated asset.\u201d\u00a0 Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping Analysts say that some traditional investors have ended up their crypto trading. The plummet of tech stocks has become the reason behind the exit of many investors. So they are selling their virtual assets to raise funds.\u00a0 In addition, the raised concerns about the environmental impacts of mining could also play their role in dropping stock prices. As of now, 160 crypto mining bills are waiting for the consideration of the government authorities in over 30 states. Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":563,"featured_media":490863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[640,86000,11450,1558,4748],"class_list":["post-490858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-mining","tag-crypto-and-socks-relation","tag-crypto-mining","tag-cryptocurrency","tag-mining-hashrate"],"acf":[],"yoast_head":"\nU.S. Mining Stocks Drop Values Despite Hashrate Increasing<\/title>\n<meta name=\"description\" content=\"The Cambridge Center founds Bitcoin hashrate was up by 4% in August last year from 35% to 39%, but the mining stocks has dropped last month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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