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Institutional investors start to turn bearish against BTC as short positions against the cryptocurrency increased. Miner revenues declined, but mining companies remain largely unaffected.
Coming to the miners, it was observed that they were facing a temporary period of hardship. Glassnode’s data indicated that miner fees have started to decline.
This led to a drop in their revenues. Over the last few days, the revenue generated by the miners fell from $31.63 million to $25.97 million.However, the challenges faced by the miners could be a temporary setback.showed that the Crypto Mining Stock Index has gained 115% so far in 2023, significantly above bitcoin’s 79% increase.
The Crypto Mining Index is a measure of the performance of mining companies, indicating the overall trend in the industry. In 2023, the company Core Scientific gained 455% and is currently the top performer. Its massive debt boosted its equity during the market’s up-only environment, and improvements in mining economics positively impacted its cash flows.Is your portfolio green? Check out theInterestingly, these companies have relatively low debt levels and are less financially leveraged than Core Scientific.
They have all surpassed expectations this quarter with strong monthly operational updates. However, it is uncertain whether the miners’ revenue will improve in line with the Crypto Miner Index.
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