Bitcoin miners fall even as CEOs say they’re ready for halving

Bitcoin miners are seeing a sharp decline in their stock prices as a code update for the largest cryptocurrency that will drastically reduce revenue is set to happen later this week. The Valkyrie Bitcoin Miners exchange-traded fund has tumbled by around 28% this month. The downward trend continues with short interest in crypto-mining stocks piling up and Iran’s attacks against Israel over the last weekend prompting the shift to a risk-off environment for investors.

Riot is here for the long term,” Jason Les, CEO at Riot Platforms, said in a Bloomberg Television interview on Tuesday. “Our long-term investment thesis on Bitcoin is strong and I think we have the setup for a very positive movement in Bitcoin over the next several months here.” Bitcoin mining is an energy-intensive process, in which miners use specialized computers to validate transactions on the blockchain and earn a reward in the form of the token.

Source: Digital Coin News (digitalcoinnews.net)

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