Why Cryptocurrency Miners Continue to Struggle This Week
Cryptocurrency mining companies have been quite volatile this year. As we approach year end, it appears this volatility is not letting up for crypto miners Cleanspark (NASDAQ: CLSK), Ebang International (NASDAQ: EBON), and Hut 8 Mining (NASDAQ: HUT).
At 11 a.m. ET, these three crypto miners were down 18.6%, 12.6%, and 8.4%, respectively, from last Friday's close. That said, Hut 8 and Ebang both rebounded 5% on Friday, with Cleanspark trading slightly lower over yesterday's close.
This continued downside pressure on crypto miners appears to be the result of geopolitical headwinds for the sector. Following a high-profile Chinese ban on crypto mining, other jurisdictions have picked up the pace. Bitcoin's (CRYPTO: BTC) terahash rate has recovered to pre-China ban levels, with countries including Thailand, Kazakhstan, and Iran picking up some of the slack.
Source Fool.com
