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As Bitcoin's price continued to slide on Tuesday, publicly-traded Bitcoin mining companies saw their stocks decline in lockstep with the digital asset's ongoing downturn.

Just this past January, Glassnode data indicated that Bitcoin miners were benefiting from a “threefold profitability margin,” largely driven by the high price of Bitcoin following Donald Trump’s reelection. That profitability margin has largely evaporated, as Bitcoin struggles to scale its previous heights above $100,000.

A recent JPMorgan research note this month underscores these challenges, showing that Bitcoin miners lost 22% of their market capitalization last month due to Bitcoin’s accelerating price drops. The broader crypto market has reportedly entered a bear phase , recording $1 billion in liquidations over the last 24 hours amid a broader selloff in both crypto and U.S. equities.

The impact has been particularly stark for Bitcoin mining firms. Riot Platforms fell to a new stock price of $8.46 , representing a drop of more than 4.5% for the Colorado-headquartered miner. Similarly, Core Scientific has slid to a price of $9.62 , losing 5.2% of its value at the time of writing. Meanwhile, Hut 8 Corp. saw its price tank by 1.2% to reach a new price of $13.88 at the time of writing. CleanSpark, too, dipped to $7.72 (showing a 1% decrease).

However, not all public Bitcoin mining stocks followed this pattern. Other Bitcoin mining firms are enjoying slight growth despite the market conditions and the threat of Trump’s new tariffs . Marathon Digital’s price has jumped to $14.16 at the time of writing, while Iris Energy saw its price grow to $7.31 , reflecting a 1.1% jump.

The price of Bitcoin is currently trading at $88,237.68 at the time of writing.

Meanwhile, annual crypto mining now guzzles up as much as 2.3% of America’s energy use, and crypto mining is projected to cost U.S. residents and businesses $1 billion .