As the bitcoin mining industry starting to bounce back, which firms are well positioned? Industry experts offer insight. egreechee reports
of public mining rig manufacturers, foundries and miners compiled by Luxor is up by 52% so far this year, compared with bitcoin’s 44% rise.
In terms of percentage growth, the biggest winner in public markets has been Core Scientific , which is still traded over-the-counter amid its. The value of its equity grew 693% in 2023, according to stock information platform TradingView, but the stock is still trading at about 30 cents. It is followed by Digihost, whose shares have risen 225%. Shares of Cipher Mining , DMG Blockchain , Bitfarms , Iris Energy and Bit Digital have all at least doubled.
Bitcoin miners' stock prices have rebounded so far in 2023, but they still have a long way to go compared to where they were last year. , a metric of miners’ competitiveness on the Bitcoin network, CleanSpark leads the pack, with 224% growth year over year, followed by Bit Digital , Bitfarms and Riot Platforms following. Hashrate is a measure of computing power used to mine new bitcoin blocks and validate transactions on the network.
The fourth quarter of 2022 was and could be the worst of the market cycle, according to investment bank H.C. Wainwright analyst Kevin Dede. He expects the upcoming earnings reports to show that the quarter was aWith some major players out of the game, or in Core Scientific’s case on the bench, due to bankruptcy proceedings, opportunities abound for other companies.
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