Bitcoin mining stocks took a serious tumble in March, with the collective market capitalization of 14 U.S.-listed companies plunging 25%, according to JPMorgan.
The Wall Street bank’s report, released Tuesday, called it the third-worst month on record for these miners, noting that only Stronghold Digital Mining (SDIG) managed to outperform bitcoin itself last month. Bitfarms (BITF) finalized its acquisition of Stronghold on March 17.
For the second consecutive month, companies with high performance computing (HPC) operations lagged behind those focused solely on bitcoin mining.