Bit Digital (NASDAQ:BTBT) stock Continues To Fall: Down 43% in a Month
Companies which are involved in the Bitcoin mining space have not had a particularly great time in recent days and a look at the price action in the Bit Digital (NASDAQ:BTBT) stock perhaps confirms that.
This past week, the stock suffered from a selloff and tanked by 20%. The losses made by the stock during last week took its losses for the past month to as much as 43%. Last week the company had provided an update with regards to its Bitcoin mining and production operations for the second fiscal quarter that ended on June 30, 2021.
The company announced that as of the end of the quarter as much as 70.8% of the total hash rate capacity under Bit Digital had been actually deployed. The total number of miners that the company controlled at the end of the quarter stood at 32,500.
During the second quarter, Bit Digital bought as many as 3515 miners and also noted that it is going to make more such purchases in the near future. The company managed to generate earnings of 562.9 Bitcoins during the quarter and it had actually dropped on a sequential basis due to the accelerated migration program that had been deployed by Bit Digital.
Market Reaction:
On Friday, BTBT stock fell 10.74% at $4.57 with more than 2.31 million shares, compared to its average volume of 2.21 million shares. The stock has moved within a range of $4.5450 – 5.0705 after opening the trade at $5.07. Over the past 52-week, the stock has been trading within a range of $1.8500 – 33.0000.