U.S. Mining Stocks have dropped over 50% Despite Hashrate Increasing

According to the Cambridge Center for Alternative Finance, a financial research institute affiliated with Cambridge University, the Bitcoin hash rate increased by 4% in August compared to the previous year, from 35% to 39%. However, mining stocks have fallen in value in the last month, as have Bitcoin prices. BTC.com, Via BTC, and Pooling statistics are all included in the final figure. U.S. Mining Stocks Drop Almost 50% Despite HashrateIncreasing https://t.co/bXjZQtwo5m #Diamante #Blockchain #DiamCircle — Diamante Media (@media_diamante) May 19, 2022 Mining Stocks Are Down Over 50% The recent crypto market massacre, which saw the collapse of TerraUSD and price drops in numerous cryptocurrencies, also prompted a reduction in the price of these mining businesses’ shares. Core Scientific and Marathon mining equities have lost roughly 47% of their value since April 18. Riot’s stock has been cut in half, and Hut 8 Mining Corp, situated in Canada, has seen its stock value plummet by 41%. Following the 25% drop in Bitcoin price last month and the increasing correlation of cryptocurrencies with the stock market, some crypto traders believe investors should be wary about investing in cryptocurrency. The correlation between cryptocurrency and stocks has ranged from 0.67 to 0.78, with BTC plummeting 10% on the day of peak correlation. Here, 0 denotes no link, and 1 indicates perfect correlation. Digital assets are now “part of the mains...