Bitcoin mining stock report: Wednesday, June 1

Public Companies • June 1, 2022, 4:50PM EDT

Wednesday was a difficult day for most Bitcoin miners on the stock markets.

Some fell by double digits, like Core Scientific (-14.16%) and Hut 8 (-11.31% on the Toronto Stock Exchange).

Bitfarms, which put out an operational update about the month of May, saw its stock go down by -6.47% on Nasdaq and -6.69% on the Toronto Stock Exchange.

Per the statement, daily average production of bitcoin increased to 13.9 BTC a day — up 3% from April. Biftfarms mined 431 BTC in May, ending the month with 3.4 exahash per second online.

“Bitfarms’ mining operations remain profitable, even with the drop in Bitcoin prices,” said Ben Gagnon, chief mining officer of Bitfarms.

Here's how crypto mining companies performed on Wednesday, June 1:

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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).