2024

Cipher

Bitcoin

Northern

Along with the sharp recovery in the Bitcoin price over the past three weeks, stocks of the Bitcoin mining firms have also joined the recovery process. Stocks of the public-listed crypto mining firms took a major hit following the Bitcoin halving event in April. However, over the past few months, these BTC mining stocks have given a strong recovery aligning with the BTC price recovery.
<h2 id="bitcoin-mining-stocks-to-outperform-btc">Bitcoin Mining Stocks to Outperform BTC</h2>
As per on-chain data provider ecoinometrics, Bitcoin mining stocks have been closing the gap with BTC. After the launch of the <a href="https://coingape.com/spot-bitcoin-etf-products-records-17b-in-ytd-net-flows/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> in the US in January, and until the Bitcoin halving event, the Bitcoin mining stocks performed poorly. This was mainly because investors sold the stocks in anticipation of declining mining revenues/rewards, and growing costs post the halving event.
But over the past two months, the BTC mining industry has been making efforts to consolidate its operations and pivot to more lucrative areas such as cloud computing and AI.
The BTC mining players like <a href="https://coingape.com/bitcoin-miner-northern-data-predicts-robust-revenue-growth-amid-ai-boom/" target="_blank" rel="noopener noreferrer nofollow">Northern Data</a> are now betting on these major shifts to boost their revenue numbers by the end of this year. As things seem to be improving further, ecoinometrics shows that the BTC mining stocks could outperform Bitcoin going ahead.
<blockquote class="twitter-tweet">
 The Bitcoin miners are closing the gap with BTC.
 Between the launch of the Bitcoin ETFs and the halving, miners’ stocks performed poorly.
 But things are changing. We’re now waiting to see them outperform BTC in the next breakout. <a rel="noopener noreferrer nofollow" href="https://t.co/ejPoetbeLV">pic.twitter.com/ejPoetbeLV</a>
 — ecoinometrics (@ecoinometrics) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ecoinometrics/status/1815340366234857491?ref_src=twsrc%5Etfw">July 22, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
“In the previous cycle, Bitcoin miners acted as a leveraged bet on BTC. We believe this is still valid given the small size of miners’ stocks compared to their potential,” added econometrics.
Also Read: <a href="https://coingape.com/btc-hashrate-prints-sharp-recovery-as-price-eyes-rebound/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Hashrate Prints Sharp Recovery As BTC Price Eyes Rebound</a>
<h2 id="a-look-into-how-btc-mining-stocks-have-performed">A Look Into How BTC Mining Stocks Have Performed</h2>
Some of the top public-listed Bitcoin mining companies in the US have registered strong recovery over the past month. The largest Bitcoin miner Marathon Digital (NASDAQ: MARA) stock price has surged by 32% over the past month while the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> gains stand at 5.26% in the same period.
Other players like <a href="https://coingape.com/bitcoin-miner-bitfarms-appoints-new-ceo-amid-riot-takeover-bid/" target="_blank" rel="noopener noreferrer nofollow">Riot Platform</a> (NASDAQ: RIOT) have seen a 30% surge in the stock price over the price month while Cipher Mining (NASDAQ: CIFR) stock gained a staggering 44% over the past month. Market analysts are expecting this outperformance to continue going ahead.
Also Read: <a href="https://coingape.com/markets/bitcoin-price-analysis-smart-money-buying-is-75k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price Analysis As Smart Money Continues Buying Spree; Is $75k Next?</a>
The post <a href="https://coingape.com/bitcoin-mining-stocks-may-soon-outperform-btc-in-near-term-heres-why/" rel="noopener noreferrer nofollow">Bitcoin Mining Stocks May Soon Outperform BTC In Near Term, Here’s Why</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Mining Stocks May Soon Outperform BTC In Near Term, Here’s Why

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