Major BTC mining firms MARA Holdings (MARA) and Riot Platforms (RIOT) have seen their shares dip 11.6% and 10% respectively on the day to $7.99 and $13.78. Meanwhile, Hut 8 (HUT) and Cipher Mining (CIFR) have fallen even further, dropping nearly 14.3% and 20.76% since the opening bell to $50.60 and $12.92, respectively.
The faltering profitability and the rise of demand for artificial intelligence (AI) compute has led some Bitcoin miners to completely abandon their previous businesses in favor of dedicating their resources to powering the AI boom.
It is not just miner shares that are struggling. Major technology companies like Microsoft (MSFT), Snapchat (SNAP), and PayPal (PYPL) have seen significant double-digit percentage declines in their share prices over the last week as investors mull concerns related to AI disruption market-wide.
Market indices, like the S&P 500 and Nasdaq Composite, have fared better, dropping just 1.59% and 4.47% respectively in the last 5 days of trading.
Other popular crypto-related equities like crypto exchange Coinbase (COIN) and leading Bitcoin treasury firm Strategy (MSTR) have fallen more than 8% each, recently changing hands at $164.96 and $121.79, respectively.
