Bitcoin miners fall in October with only Riot, Galaxy, Core Scientific posting gains Bitcoin mining stocks have showed mixed results this October, with many falling more than Bitcoin, which has also recorded a modest 4.5% drop so far.
| Ticker | Sept. 30 ($) | Oct. 10 ($) | Gain/Loss (%) | Company Name |
|---|---|---|---|---|
| RIOT | 7.42 | 7.74 | 4.3 | Riot Platforms |
| GLXY | 17.36 | 17.70 | 2.0 | Galaxy Digital |
| CORZ | 11.86 | 11.97 | 0.9 | Core Scientific |
| SATO | 0.25 | 0.24 | -4.0 | Sato Technologies |
| CIFR | 3.87 | 3.67 | -5.2 | Cipher Mining |
| MARA | 16.22 | 15.23 | -6.1 | Marathon Digital Holdings |
| DMGI | 0.49 | 0.46 | -6.1 | DMG Blockchain Solutions |
| HIVE | 3.13 | 2.91 | -7.0 | HIVE Digital Technologies |
| CLSK | 9.34 | 8.66 | -7.3 | CleanSpark |
| SLNH | 3.13 | 2.88 | -8.0 | Soluna Holdings |
| MIGI | 1.24 | 1.13 | -8.9 | Mawson Infrastructure |
| HUT | 12.26 | 11.12 | -9.3 | Hut 8 Mining |
| BITF | 2.22 | 1.79 | -19.4 | Bitfarms |
Co-founder of Power Mining Analysis, Anthony Power, highlighted that the only positive performers are Riot Platforms (RIOT), which increased by 4.3%, rising from $7.42 to $7.74. Galaxy Digital (GLXY) saw a 2% uptick, moving from $17.36 to $17.70, and Core Scientific (CORZ) edged up 0.9%.
On the downside, Bitfarms (BITF) declined 19.4%, falling from $2.22 to $1.79. Hut 8 Mining (HUT) decreased 9.3%, and Mawson Infrastructure (MIGI) dropped 8.9%. Other companies like Soluna Holdings (SLNH) and CleanSpark (CLSK) also experienced losses.
Bitcoin’s price fell 4.5% during the same period, starting at $64,311 and reaching approximately $61,401 as of press time. This decline impacts mining companies’ profitability, as their revenues are closely tied to Bitcoin valuations. The Bitcoin halving in April, which reduced mining rewards by half, may also influence miners’ operational strategies and financial performance.
Further, internal business, including corporate management issues and operational efficiency, are beginning to play a larger part in shaping the market’s perception of miners, as competition in the industry has never been greater.
Analyst 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy.
Core Scientific
Core Scientific is a leader in infrastructure and software solutions for Artificial Intelligence and Blockchain.