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Bitcoin Mining Stocks Plunge as Revenue Craters Amid Market Carnage
MARA, RIOT, CLSK among mining stocks that fell more than 10% on Monday.
Updated Apr 7, 2025, 2:26 p.m. Published Apr 7, 2025, 1:35 p.m.
What to know:
- Bitcoin mining stocks fell over 10% on Monday amid increased competition and market uncertainties.
- U.S. tariffs and a trade war with China are adding to pressure on mining costs and profit margins.
- The Bitcoin network's computing power reached a new high, further squeezing miner revenues.
Bitcoin mining stocks are taking it on the chin alongside broader equity markets as competition ramps up to an all-time high and traders panic-sell equities amid tariff-led uncertainties.
Most mining stocks fell more than 10% on Monday, adding to last week's sell-off. MARA Holdings (MARA) fell nearly 11%, Riot Platforms (RIOT) slumped about 8%, and CleanSpark (CLSK) dropped 10% in early Monday U.S. trading. Other crypto-linked stocks, such as Michael Saylor's Strategy (MSTR) and crypto exchange Coinbase (COIN), also slid more than 10%.
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The sell-off comes as traders around the world panic-sell most asset classes, with equities hit the hardest. U.S. President Donald Trump's tariffs added uncertainties to the market and a trade war with China added more concerns for the miners.
Currently, Chinese manufacturers hold the lion's share of the market for the machines most miners use to mine for their block rewards. If the tariffs hold, they will likely make mining more expensive for those who are already navigating higher energy costs and lower profit margins following the recent halving that cut their rewards by half.
Adding to the pain, the Bitcoin network's computing power — a measure of competition for the miners — hit a new all-time high of 1 zettahash per second (1 ZH/s) on Friday, according to data from Glassnode. The previous record was set on Jan. 31, when the network hit 975 exahashes per second (EH/s).
As the competition ramped up, the bitcoin price has fallen from the recent high of over $109,000 to $77,0000, pressuring mining revenue. Hashprice, a measure of daily income relative to hash power — has fallen to a record low $42.40, squeezing the miners even further.
Read more: Markets in Freefall: Is the Credit Market Forcing the Fed’s Hand?
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Lo que debes saber:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
Lo que debes saber:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
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