10 Biggest Losers of This Week

4. Riot Platforms Inc (RIOT)

Riot Platforms (RIOT) saw a 15-percent decrease in share prices in the past five trading days, finishing Tuesday at $11.67 apiece from the $13.09 reported last Wednesday, with analysts attributing its shares performance to a correction phase.

As a Bitcoin mining firm, Riot Platforms directly benefits from higher Bitcoin prices, which can lead to increased revenues and profitability.

According to analysts, Bitcoin’s halving event could be one of the primary factors hurting Riot Platforms’ shares, which has significantly increased operational challenges for miners.

The halving means that each Application-Specific Integrated Circuit (ASIC) miner needs to work twice as hard to mine the same amount of Bitcoin, but the anticipated price increase for Bitcoin has not occurred to balance the said challenges.

Riot’s Bitcoin production decreased 10 percent year on year last month, highlighting the operational inefficiencies and increased challenges the company faces due to the halving.