What's Going On With Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark?

Bitcoin BTC/USD mining stocks including Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are moving lower Monday as bitcoin trades below $62,000. Here’s a look at what you need to know. 

What To Know: Bitcoin is down about 4.5% over the last 24 hours and has fallen approximately 6.5% over the last week, driving weakness in the broader crypto space and in crypto-related stocks.

Bitcoin has been trading within approximately 15% of all-time highs since it rallied above $70,000 in March following the approval of several spot bitcoin ETFs. It's been trending toward the lower end of the range in recent weeks and appears to be testing support levels in early trading Monday.

Miners in particular may be facing selling pressure following the recent halving event. The amount of rewards miners receive for successfully mining bitcoin transactions was cut in half in April. As previously reported by Benzinga, miner bitcoin holdings have fallen to their lowest levels in about 14 years as reserves have decreased by approximately 50,000 bitcoin year-to-date.

Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was down 3.59% at $18.52 at publication time. 

Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were down 3.25% at $9.24 Monday morning.

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were down 3.93% at $16.61 at the time of writing.

See Also: Raoul Pal Foresees Crypto Boom In Election Year’s Q4, Names It ‘Banana Zone’

$BTC Price Action: Bitcoin was down 4.61% over a 24-hour period, trading at $61,223 at the time of publication, according to Benzinga Pro.

Photo: Mohamed Hassan from Pixabay.