Bitcoin mining stock report: Wednesday, May 11


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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.

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Hive Blockchain’s stock fell over 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%. 

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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:

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