Bitcoin mining stock report: Wednesday, May 11

Following an abrupt start to the week, which saw most major bitcoin miners' stock drop by double digits, many continued on a downward path during Wednesday's trading session.

Hive Blockchain's stock fell over 20% on Wednesday, following an announcement the company plans to consolidate shares by a 5 to 1 ratio on Tuesday afternoon after market close.

After posting results on their most recent quarter Tuesday, CleanSpark, Riot and Cipher were also down on the markets by -11.93%, -9.16% and -5.23%, respectively.

These market moves occurred against the backdrop of continued volatility in equities markets. The Nasdaq Composite closed Wednesday's trading session down 3.18%. 

Bitcoin — which makes up a significant portion of some miners' assets — has seen its value temporarily dip below the $30,000 mark since the start of the week. Bitcoin is trading at $29,106.43 on Coinbase as of press time.

Here is a look at how other crypto mining companies fared in the markets on Wednesday, May 11:

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).