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.