Crypto mining stocks were hit hard this week in response to Bitcoin's price tumbling.
The public mining space sold off rapidly as Bitcoin ended a rough trading week, settling to $54k at the closing bell and trending further downward over the weekend to $47k.
November operational updates from the likes of Marathon, Hut8, Bitfarms, and Marathon and Digihost were released this week in addition to a few deal announcements. Cincinnati based miner Griid Infrastructure announced a deal to go public via SPAC with Adit EdTech Acquisition Corp with an implied $3.3BN valuation. Additionally, Riot Blockchain announced the acquisition of ESS Metron, an electrical systems engineering company, which is already a key supplier to Riot and has been assisting them in their Whinstone buildout.
Bitcoin Mining Market Snapshot
With Bitcoin's price battered and bruised, crypto mining stocks were also pummeled this week, with very few actually posting positive gains week-over-week.
The indices were obviously down this week, as well, though they sustained more reasonable losses than some of the larger public companies, which lost a third of their value of the week.
Bitcoin Mining News
- $3.3B Bitcoin mining company Griid to list on NYSE via SPAC dealHut 8 Mining Provides Production Update for November 2021
- Digihost’s Reports 671% Increase ($3.4m) in Y/Y Monthly Bitcoin Production for November
- Bitfarms Mined over 3,000 Bitcoin in 2021 through November
- Riot Blockchain Acquires ESS Metron
- Marathon Digital’s Bitcoin Production Fell in November as Maintenance Work Cut Capacity; Stock Sags
- [Galaxy Digital to Raise $500M in Senior Notes Offering](https://www.marketwatch.com/story/galaxy-digital-to-raise-500m-in-senior-notes-offering-271638191172#:~:text=Galaxy Digital Holdings Ltd. said,2026%2C in a private placement.)
Header image by Maxim Hopman via Unsplash
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