Bitcoin Mining Stocks Are Falling as Cryptocurrencies Continue to Rise

Bitcoin mining stocks have underperformed in recent weeks despite the rising price of the cryptocurrency. shares of Riot Platforms, Bitfarms, and Bitdeer are hovering near a 20% decline. Industry observers point to market concerns over the upcoming halving of bitcoin, which is expected to occur in late April, as the main reason. Another factor is a proposed 30 percent excise tax on miners' energy use. The Biden administration first imposed such a tax on miners last year, citing environmental concerns. This potential tax is again in the U.S. Treasury Department's 2025 revenue proposal.