News

Law

Asset Management

Investment Banking

Crypto

Hedge Funds

People

Newsletters

Events

Lists

Hedge Funds

Hedge funds see bitcoin miners ‘going bust’ as crypto winter continues

Share prices of Argo Blockchain, Hut 8 Mining, and HIVE Blockchain are down by more than 80% this year

Wednesday, 28 December 2022 at 05:01

Cryptocurrency mining in Romania
Cryptocurrency mining in Romania Photo: Akos Stiller/Bloomberg/Getty Images

Bitcoin miners enjoyed a bumper 2021 amid a historic bull market but with crypto suffering one of its worst-ever corrections this year, some publicly-listed miners are on the verge of being wiped out, according to hedge funds.

Crypto miner Argo Blockchain’s stock has lost nearly 96% of its value in 2022 to date. Nasdaq and Toronto Stock Exchange-listed Hut 8 Mining’s share price plunged by around 88%. Canada-based HIVE Blockchain Technologies is down by 86%.