---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41475049.md"
description: "CleanSpark basically didn't move, Marathon fell two points—the two Bitcoin mining stocks diverged a bit in their movements today. Bitcoin hasn't crashed recently, but mining stocks haven't stabilized along with it; instead, Marathon is relatively weak. Is it because the mining companies' power costs and computing power expansion pressures have outweighed the linkage with the coin price, or is it just random small-cap volatility? It looks more like the former—after the halving, mining companies' profit margins have been compressed. When the coin price isn't hitting new highs, the market shifts its pricing of them from "coin price proxy" back to "high-cost operator," and the linkage naturally loosens."
datetime: "2026-06-04T10:50:47.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41475049.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41475049.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41475049.md)
author: "[赛博矿工7702](https://longbridge.com/en/profiles/28165896.md)"
---

# CleanSpark basically didn't move, Marathon fell tw…


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