Crypto miners as a whole are seeing a tremendous amount of selling pressure today. Right now, one of the biggest losers in this sector is Canaan ( CAN -29.44% ), down nearly 25% as of 12:30 p.m. ET. At today's lows, Canaan dropped more than 28%.
As a China-based crypto miner, Canaan has been hit very hard this year. Currently, Canaan is down nearly 85% from its 52-week high, mainly on news of continued Chinese regulatory crackdowns on crypto mining.
However, today's news that Didi ( DIDI -23.01% ) has been asked to delist by Chinese authorities has sent nearly all Chinese-based, U.S.-listed companies lower today.
The U.S. has largely taken over the mantle of the crypto mining jurisdiction of choice for companies. However, today, reports that U.S. Senator Elizabeth Warren sent a letter to Greenidge ( GREE -12.44% ) CEO Jeff Kirt Thursday afternoon has investors in the crypto mining sector spooked. This letter requested more information about the impact crypto mining has on climate change, power prices, and other environmental concerns. Reportedly, this is the first request for information from crypto miners from Warren, and among the first inquiries into this aspect of crypto mining in the U.S.
Image source: Getty Images.So what
There's a lot to unpack for Canaan today.
Of course, Chinese delisting concerns are a big deal for any company headquartered with a Chinese address right now. For Canaan, this geopolitical risk has been evident for some time, and is one of the key reasons for this stock's underperformance relative to its peers.
However, other crypto miners have not been spared by the increasing regulatory scrutiny stateside. Miners Riot Blockchain ( RIOT -14.92% ) and Marathon Digital ( MARA -16.57% ) were both down approximately 10%, as of 12:30 p.m. ET.
Given the importance of climate change and rising consumer electricity costs to the current administration's platfo...