Bitcoin mining stocks trended lower on Tuesday as the Bitcoin price continues to struggle to gain momentum after a monthly drop.
Major carriers including Marathon (NASDAQ: MARA), CleanSpark (NASDAQ: CLSK), and Riot (NASDAQ: RIOT) posted losses during early-week trading despite a flurry of infrastructure and funding upgrades across the sector.
At press time, bitcoin is up 1.5% on the day to $88,900, a 1.3% week-over-week increase that hasn’t erased a 2.8% month-over-month decline. The stagnation of the bitcoin price is putting pressure on mining stocks as investors digest new developments.
Marathon (NASDAQ:MARA) shares fell 0.21% week over week, while CleanSpark (NASDAQ:CLSK) fell 1.79% and IREN (NASDAQ:IREN) saw a 4.44% decline over the same period.
Cipher (NASDAQ:CIFR) is down 2.90% week over week, even as the company expanded its development pipeline. Cipher announced the acquisition of a new site in Ohio designed to provide 200 megawatts of capacity. The deal brings Cipher’s total development portfolio to 3.4 gigawatts across eight sites.
TeraWulf (NASDAQ:WULF) stock fell 3.79% over the past week. The company finalized a $1.3 billion debt financing deal for its joint venture in Texas on Tuesday, with the capital going toward building high-performance computing infrastructure at the site.
Riot (NASDAQ: RIOT ) fell 1.23% over the same period. Analysts at JP Morgan issued a research note on December 18 forecasting a 45% rise for the stock through 2026. The bank expects Riot to sign a 600-megawatt placement deal by the end of 2026 in a projected boost to shareholder value.
Hut 8 (NASDAQ:HUT) fell 3.08% week over week following a spike in volatility earlier in the month. The company entered into a hosting agreement with Fluidstack on December 17 for Anthropic to use clusters of computers. The partnership is estimated to generate $7 billion in revenue for Hut 8 over the 15-year deal.
Core Scientific (NASDAQ: CORZ) decreased 2.42% over the past week. Two Seas Capital filed a disclosure on Dec. 19 revealing an increase in its ownership stake in the miner following its failed acquisition by CoreWeave, which Two Seas protested. The investment firm now owns 8.1% of Core Scientific’s outstanding shares.
Header image by Arturo Añez via Unsplash.