RIOT - Why a Massive Divergence Has Been Building in Crypto Mining Stocks This Week
This week has been a rather disparate one among various Bitcoin (CRYPTO: BTC) mining stocks. Chinese-based cryptocurrency miners and mining-related stocks have outperformed their U.S. counterparts by an incredible degree, due to reports that underground mining operations have made China the second-largest Bitcoin mining market in the world.
As of 10:30 a.m. ET today, Hong Kong-based Bit Mining (NYSE: BTCM) rose 54% over the past week, with Beijing-based Canaan (NASDAQ: CAN) surging 9.7% since last Friday's close.
However, Colorado-based Riot Blockchain (NASDAQ: RIOT) saw a decline of 13.2% over this same time frame on news that U.S. supremacy in the Bitcoin mining world may be challenged.
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Why a Massive Divergence Has Been Building in Crypto Mining Stocks This Week