Bitcoin mining stocks down after Microsoft scraps data center plans
Microsoft has reportedly cut plans to invest in data centers in the US and Europe, driving cryptocurrency miner stocks to tumble on March 26.
Update (March 26 at 8:48 PM UTC): This article has been updated to include commentary from Benchmark stock analyst Mark Palmer.
Bitcoin (BTC) mining stocks are down after tech giant Microsoft reportedly scrapped plans to invest in new artificial intelligence data centers in the US and Europe, citing a potential oversupply, according to a report by Bloomberg and data from Google Finance.
Shares of crypto miners Bitfarms, CleanSpark, Core Scientific, Hut 8, Marathon Digital and Riot dropped between 4% and 12% in tandem with the news, the data showed.
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Author: Alex O’Donnell
