companies lost $2.8 billion due to a sudden drop in Bitcoin (BTC) and the
broader cryptocurrency market last Thursday. According to data from AltIndex,
the total market capitalization of publicly listed cryptocurrency miners fell
by 30% within a month, from $9.5 billion to $6.7 billion. At the same time,
miners’ revenues from cryptocurrency mining dropped to monthly lows.
Bitcoin’s Flash Crash Cuts
Mining Companies’ Capitalization
Thursday, Bitcoin’s price unexpectedly fell by more than 7%, dropping to its
lowest levels in over two months, testing $26,000. As a result, the market
capitalization of exchange -listed BTC miners and other digital assets suffered
significantly, sliding by almost $3 billion over the entire month.
players, including Riot Platform and Marathon Digital Holdings, felt the most
significant losses. In their case, capitalization fell by $1.1 billion (31%)
and $800 million (25%), respectively. Canaan, Hut 8 Mining, and Cipher Mining
Technologies also lost a substantial part of their market share.
Riot Platform’s (NASDAQ: RIOT) chart, we see that the price is testing over
two-month lows and has fallen by almost 50% from July highs. The company has
still gained over 200% since the beginning…