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Crypto Miners Fall as Bitcoin Weakness Coincides with Earnings Disappointment
- Bitcoin weakness and cryptocurrency mining earnings disappointment drove steep selloffs across mining equities on June 5.
- Bitcoin fell below $62,000 on June 5, 2026, coinciding with MARA closing at $12.32 (down from $13.88 on June 4) and RIOT closing at $24.66 (down from $27.47).
- The declines reflect both the underlying price of Bitcoin and broader challenges in mining profitability, including Q1 revenue misses and analyst downgrades.
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Conclusion
Bitcoin fell to a low of $62,045.86 on June 5, 2026. On that day, MARA closed at $12.32 (down from $13.88 on June 4) on 41.16M shares, and RIOT closed at $24.66 (down from $27.47) on 18.37M shares. The declines followed Q1 2026 earnings misses: MARA reported revenue of $174.6M (down from $213.9M YoY) and a loss of -$3.31 per share (vs. -$1.55 prior year), with analyst downgrades following. Mining stocks showed sensitivity to both Bitcoin price movements and fundamental business challenges.