Innovation News Hubb
Advertisement Banner
  • Home
  • Innovation
  • News
  • Contact
No Result
View All Result
  • Home
  • Innovation
  • News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Market Cap of Five Largest Crypto Mining Companies Slumped by $5.2B Year-over-Year

admin by admin
January 23, 2023
in News


2022 was a challenging year for the crypto market, as trading volume slumped and crypto prices drowned in the aftermath of crypto winter. But one of the most brutal years for the crypto industry has also had a huge impact on the crypto mining companies, which lost billions of dollars in their stock values.

According to data presented by bitcoincasinos.com, the world`s five largest crypto mining companies have collectively lost $5.2 billion in market cap year-over-year.

Stock Values More than Halved Amid Crypto Winter

Crypto mining stocks, represented by the Amplify Transformational Data Sharing ETF (BLOK), dramatically underperformed the broader market last year. According to Yahoo Finance, BLOK provided a total return of -54.3% last year, deep below the S&P 500’s total return of -19.44%.

The melting stock prices of crypto mining companies led to colossal market cap drops. The Ycharts data showed the combined market cap of Riot Blockchain, Marathon Digital Holdings, Canaan Inc., Cipher Mining Technologies, and Hut 8 Mining, the world`s five largest crypto mining companies, amounted to over $8.5bn in January last year. Over the past twelve months, this value slumped by 61% to below $3.3bn. 

Trending

Why We Love the EXO Blackhawk 2 Pro Drone

The world`s largest crypto miner, Riot Blockchain, has lost 57% or around $1.3bn of its stock value year-over-year. Still, that was 11% less than Marathon Digital Holdings, the second-largest company in the market. In January 2022, the stock value of the Las Vegas-based crypto mining company stood at close to $3bn, and now it`s less than $980 million.

Although all five crypto mining companies suffered a double-digit market cap drop, Chinese Canaa Inc. saw the least damage. Statistics show that Canaan`s market cap dropped by „only“ 46% year-over-year, with the company losing around $450 million in stock value.

On the other hand, New York-based Cipher Mining Technologies saw the biggest drop, with its stock value slumping by 67% year-over-year and $565 million being wiped off its market cap. Hut 8 Mining stands close, with a 65% YoY drop to $480.7 million.

Daily Crypto Mining Revenue Plunged by 61% YoY

Besides its biggest players losing billions of dollars in stock value, the crypto mining industry has also witnessed a considerable drop in crypto mining revenues.

In January 2022, the miners’ average daily revenue amounted to $41.1 million, revealed the Blockchain data. By June, this figure nearly halved to $27.9 million, reflecting the Bitcoin price drop. However, July saw only $18.2 million in daily mining revenues, which continued floating around this value in the following months before falling to 2022`s low of $15.5 million in December.

Although this figure rose to $15.7 million as of last week, this still represents a massive 61% drop year-over-year.



Source link

Previous Post

Porise quick-draw camera strap caters to cycling shooters

Next Post

Spring-Ready Shapewear Collections : yummie shapewear

Next Post

Spring-Ready Shapewear Collections : yummie shapewear

Recommended

South Africa: Artificial Intelligence in South Africa Comes With Special Dilemmas – Plus the Usual Risks

1 day ago

Brown & Serve Dinner Rolls

3 weeks ago

eMinder offers a digital alternative to paper to-do lists

4 months ago

Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Dec. 21-27, 2022

1 month ago

Bicycle airbag backpack blows up womb-like head and neck protection

6 days ago

Benefits of Debt-for-Climate Swaps – Innovation & Tech Today

4 weeks ago

innovation-45

© 2022 Innovation News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Innovation
  • News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Innovation
  • News
  • Contact

© 2022 Innovation News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/