Bitcoin mining stock report: Wednesday, May 11
Following an abrupt start to the week, which saw most major bitcoin miners' stock drop by double digits, many continued on a downward path during Wednesday's trading session.
Hive Blockhain's stock fell by around 20% on Wednesday, following an announcement the company plans to consolidate shares by a 5 to 1 ratio on Tuesday afternoon after market close.
After posting results on their most recent quarter Tuesday, CleanSpark, Riot and Cipher were also down on the markets by -11.93%, -9.16% and -5.23%, respectively.
These market moves occurred against the backdrop of continued volatility in equities markets. The Nasdaq Composite closed Wednesday's trading session down 3.18%.
Bitcoin — which makes up a significant portion of some miners' assets — has seen its value temporarily dip below the $30,000 mark since the start of the week. Bitcoin is trading at $29,106.43 on Coinbase as of press time.
Here is a look at how other crypto mining companies fared in the markets on Wednesday, May 11:Source