It's been another rocky week in the world of cryptocurrency mining.
As of 12:30 p.m. ET today, shares of CleanSpark (NASDAQ: CLSK) and Hut 8 Mining (NASDAQ: HUT) have dropped 6% and 2.6%, respectively, from last Friday's close. These moves come amid a series of macro headwinds that proliferated this past week.
Kazakhstan, still an important country in the world of Bitcoin (CRYPTO: BTC) mining, announced a new set of tax laws aimed at inhibiting domestic crypto mining. Prices for Bitcoin mining rigs have also reportedly dropped to 2020 pandemic lows, amid a slowdown in global activity and fire sales tied to recent bankruptcy-related news. And most notably, Texas power grid operators have requested all Bitcoin miners shut down operations to help ease the burden on an already-stretched power grid.
For further details see:
It's Getting Messy for Crypto Miners: Where Are They Headed From Here?