Shares of crypto mining companies mostly halved from highs

Just as Bitcoin’s price plummeted from highs near $70,000 to around $42,000 today, so did the shares of the largest crypto mining companies. The market value of Nevada-based Marathon Patent has fallen from $7.65 billion in early November to about $3 billion today, according to The Block Research. Colorado-based Riot Blockchain has fallen from $4.25 billion to $2.05 billion. Toronto-based Hut 8 Mining fell from $2.33 billion to $1.19 billion. Shares of Hive, Argo Blockchain and Canaan have all plunged by more than 50%. Shares of several of the largest cryptocurrency miners have halved since their November highs. Ethan Vera, COO of uxor Tech, described mining stocks as akin to a “leveraged trade on Bitcoin.”