With just two days remaining before the U.S. presidential election, cryptocurrency markets have become increasingly volatile, delivering a harsh blow to bitcoin mining stocks. Data from bitcoinminingstock.io shows that by the end of last week, seven of the ten largest publicly listed mining firms recorded weekly losses—and when counting the full top ten, nine companies saw declines ranging from 2.07% to 19.65%.
Applied Digital Leads Declines; MARA Market Cap Shrinks Nearly 5.6%
The largest miner by market capitalization, MARA Holdings (Nasdaq: MARA), fell 5.57% over the week, bringing its total valuation to $4.74 billion—roughly 16.48% of the combined $28.77 billion market cap of the 30 major mining stocks tracked. Core Scientific (CORZ) slipped 2.54%, Riot Platforms (RIOT) dipped 2.07%, and CleanSpark (CLSK) tumbled 9.35%. The steepest drop came from Applied Digital Corporation (APLD), which plunged 19.65% over the five-day period. Notably, bitcoin itself rose 0.7% during the same stretch, underscoring the mining sector's underperformance.
Hut 8 Stands Out; Canaan Soars 28.7% on Major Deal
In a bright spot, Hut 8 Corporation (HUT) was the only top-tier miner to post a weekly gain, rising 7.52%. Meanwhile, Canaan (CAN) surged 28.72% after announcing a large equipment purchase agreement with CleanSpark. Bitdeer also climbed 3.98% following an update on its Seal miner technology. Year-to-date, MARA, RIOT, and CLSK have fallen 31.42%, 38.98%, and 6.39% respectively, while Terawulf (WULF) has soared over 158%, and Northern Data, Cipher Mining, Iris Energy, and Hut 8 have also posted gains.
Coinbase and MicroStrategy Slide; Uncertainty Lingers
Other crypto-related equities felt the pressure as well. Coinbase (COIN) dropped 14.28% over the past five days, while MicroStrategy (MSTR) fell just over 6%. However, on a year-to-date basis, COIN is still up 5.7% and MSTR has surged 231%. As a new trading week begins, the outlook for mining stocks remains clouded by uncertainty. The outcome of the U.S. election, potential regulatory shifts, and bitcoin price action could all serve as catalysts for a reversal when markets open on Monday.