Bitcoin mining stocks trended lower as volatility in the cryptocurrency continued. 
Marathon Digital, the biggest mining company, dropped by 2.3% on Aug. 28, marking a 38% decline from its highest point this month. CleanSpark stock fell by 1.75% to $11.25, while Riot Platform dropped by over 1.4%. Other large Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) mining stocks like Argo Blockchain, Core Scientific, TeraWulf, and Cipher Mining also pulled back. 
Most of these stocks remain in a deep bear market after falling by over 20% from their highest level this year.&nbsp; 
Their performance is closely tied to Bitcoin’s price action since March. After peaking at a record high of $73,800, Bitcoin has retreated by 18.78% to $60,000. Generally, Bitcoin miners thrive when BTC is rising and vice versa. 
Additionally, these companies have struggled due to the <a href="https://crypto.news/5-things-weve-learned-since-the-bitcoin-halving/" target="_blank" rel="noreferrer noopener">Bitcoin halving event</a> in April, which has pushed the hash rate higher. Most of them have mined fewer Bitcoins than they did before the halving event. 
Marathon Digital mined <a href="https://ir.mara.com/investors/news-events/press-releases/detail/1351/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-march-2024" target="_blank" rel="">894 coins</a> in March and 692 in July. Similarly, CleanSpark <a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Releases-March-2024-Bitcoin-Mining-Update/default.aspx" target="_blank" rel="">mined 806 coins</a> in March and 494 in July while Riot Platforms produced 425 coins in March and <a href="https://www.riotplatforms.com/riot-announces-july-2024-production-and-operations-updates/" target="_blank" rel="">370 in July</a>. 
As a result, these companies are battling the dual effects of lower mining production and declining Bitcoin prices. 
Some of them are dealing with the crisis differently. Bitfarms, a leading Canadian miner, acquired <a href="https://crypto.news/bitcoin-miner-bitfarms-to-acquire-rival-stronghold-digital/" target="_blank" rel="noreferrer noopener">rival Stronghold Digital</a> this month. Riot Platforms has also trained its eyes on Bitfarms and has become one of its top shareholders. 
 You might also like: <a href="https://crypto.news/riot-increases-stake-in-bitfarms-with-2-2m-share-purchase/"> Riot increases stake in Bitfarms with $2.2m share purchase </a> 
Marathon Digital has started mining Kaspa (<a href="https://crypto.news/price/kaspa/" target="_blank" rel="noreferrer noopener">KAS</a>) and has continued accumulating Bitcoin holdings. Earlier this month, it bought Bitcoins <a href="https://crypto.news/marathon-digital-buys-249m-in-bitcoin-after-raising-300m-from-convertible-notes/" target="_blank" rel="noreferrer noopener">worth $249 million</a>, becoming the second corporate BTC holder after MicroStrategy. 
<h2 class="wp-block-heading" id="bitcoin-price-to-support-mining-stocks">Bitcoin price to support mining stocks</h2> 
The price of Bitcoin mining stocks will largely depend on Bitcoin’s price action. There are a few catalysts that could push BTC prices higher. 
Data in the options market shows that the Aug. 30 expiry has 93% of all call options being Out-of-the-Money, with a strike price above $60,000. A call option gives a holder the right but not the obligation to buy an asset. 
However, in the long term, the options market is predicting a potential rally to $90,000 by the end of the year. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14294604"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Bitcoin-Open-Interest.png.webp"> 
 <img loading="lazy" decoding="async" width="2400" height="1200" src="https://crypto.news/app/uploads/2024/08/Bitcoin-Open-Interest.png" alt="Bitcoin options"> 
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 Bitcoin open interest by strike price | Source: <a href="https://www.deribit.com/statistics/BTC/metrics/options" target="_blank" rel="">Deribit</a>
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Bitcoin continues to see strong inflows in the ETF market. While funds suffered outflows of $127 million on Aug. 27, they have <a href="https://crypto.news/spot-btc-etfs-surpass-18b-amid-increased-investor-confidence/" target="_blank" rel="noreferrer noopener">added over $17.95 billion</a> this year. Blackrock’s ETF has over $22.2 billion in assets while Fidelity’s fund has $11 billion and is about to pass Grayscale’s Bitcoin Trust. 
Other potential catalysts for Bitcoin include the upcoming Federal Reserve interest rate cuts, a potential Donald Trump victory, the return from summer, soaring US debt, and institutional demand. 
If these catalysts align and Bitcoin rebounds, there is a high chance that most Bitcoin mining stocks will bounce back. 
 You might also like: <a href="https://crypto.news/4-reasons-why-bitcoin-price-could-rise-to-68k/"> 4 reasons why Bitcoin price could rise to $68k </a>

Bitcoin mining stocks stay weak as options market hints at rebound

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