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.
For further details see:
Why Cryptocurrency Miners Continue to Struggle This Week