August 22, 9:04 am
August brought new pressure on the crypto market, with investors becoming more cautious after the latest DeFi hack and another federal court decision on whether to treat cryptos as securities. The price of the world`s largest and most expensive cryptocurrency, Bitcoin, is down by 5% month-over-month, reaching $28,530 last week. Ethereum`s value dropped by 6% to around $1,800 at the time of writing.
The latest drop in the crypto market also had a huge impact on the crypto mining companies, which lost billions of dollars in a matter of weeks.
According to data presented by AltIndex.com, the world`s five largest crypto mining companies have collectively lost $2.8bn in market cap month-over-month.
Over the past eight months, crypto mining companies significantly recovered from the crypto winter, which halved their market caps and erased billions in stock values. But after six months of rising stock prices, July and August brought new losses.
According to Ycharts and Companies Market Cap data, the combined market cap of Riot Blockchain, Marathon Digital Holdings, Canaan Inc., Hut 8 Mining, and Cipher Mining Technologies, the world`s five largest crypto mining companies, amounted to over $9.5bn in July. This figure slumped by 30% since then, falling to $6.7bn last week.
The world`s largest crypto miner, Riot Blockchain, has lost 31% or $1.08bn in stock value month-over-month. Marathon Digital Holdings, the second largest company, saw its market cap drop by $790 million or 25% in a month. Canaan Inc. follows with a 16% stock value drop. The market cap of a Chinese crypto mining company stood at roughly $550 million in July, and now it`s around $460 million.
Still, that is nothing compared to the losses of Hut 8 Mining and Cipher Mining. Statistics show both companies saw a 32% market cap drop month-over-month, with more than $400 million wiped off their stock values.
Although the stock value of the biggest crypto mining companies plunged by 30% in the last month, crypto mining revenues have continued rising.
In January, the miners’ total monthly revenue amounted to $601.2 million, according to TheBlock data. By March, this figure jumped to $755.4 million and continued rising. Statistics show that May saw the biggest monthly crypto mining revenue of nearly $920 million. After falling to $783.7 million in June, revenues recovered to $856 million in July, showing a 43% increase in seven months.
AltIndex revolutionizes investing with advanced alternative data analytics, smart insights, and stock alerts, presented in an easy-to-use dashboard powered by comprehensive company data from across the internet.
The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
© 2024 AltIndex. All rights reserved.
Trending Stocks on WallStreetBets
Trending Stocks on Reddit
Top Stock Performers Today
Bottom Stock Performers Today
Best Airlines Stocks
Best Bank Stocks
Best Semiconductor Stocks
Best Energy Stocks
Best Fintech Stocks
Best Robotics Stocks
Best Insurance Stocks
AI Stock Picks
AI Stock Picks - Results
Fear & Greed Index
Stock Picking Reviews
Stock Trading Signals
House & Congress Trading