Bitcoin • June 7, 2022, 4:22PM EDT

Bitcoin mining stock report: Tuesday, June 7

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The Block

A large number of bitcoin miners saw their stocks fall on Tuesday.

Cipher Mining, Argo Blockchain and Iris Energy posted some of the largest drops — -7.80%, -5.31% and -4.72%, respectively.

Argo announced on Tuesday that it mined 25% less bitcoin in May due to factors like network difficulty and pool rewards.

Network difficulty increased by 5.56 % on April 27  and 4.89% on May 11, but more fell back down by -4.33% on May 25, according to BTC.com.

Iris Energy, on the other hand, mined 10% more bitcoin in May than in the month before, according to its latest monthly update.

Here's how crypto mining companies performed on Tuesday, June 7: