Surging Bitcoin Mining Stocks Outperform Tech-Heavy Shares in 2023: Report

According to a new report, surging Bitcoin mining stocks are outperforming tech-heavy shares in 2023. This trend is expected to continue, with experts predicting a continued increase in the value of Bitcoin and related mining activities. The report highlights a shift in investor interest towards the cryptocurrency market, with many choosing to invest in Bitcoin and related technologies. As a result, Bitcoin mining stocks are becoming increasingly popular among investors looking to capitalize on the growing demand for cryptocurrency.

Bitcoin Mining Stocks Rallying with the Bitcoin Price Surge

After a difficult time last year, several public Bitcoin miners were close to bankruptcy. However, the recent rally in the market has helped boost the optimism of the Bitcoin mining sector, resulting in huge gains for most associated stocks.

Resurgence of Bitcoin Mining Stocks

The resurgence of Bitcoin mining stocks has been observed as Bitcoin miners slowly recover, escaping the incessant bear trap.

BTC mining expert Jaran Mellerud has explained that stocks associated with the Bitcoin mining sector have suddenly rallied alongside the price of the flagship cryptocurrency in 2023. This has allowed “wound-licking mining stock investors to regain some of their massive losses.”

Huge Gains for the Crypto Mining Stock Index

The mining stocks have outpaced Bitcoin, with the HI Crypto Mining Stock Index recording 115% YTD gains. In contrast, Bitcoin has recorded an 80% YTD gain. Tech stocks have also been outperformed, with the top tech stocks only achieving a 20% gain this year.

The Best Performing Miners

The best-performing miner in 2023 so far is Core Scientific, which filed for bankruptcy last year before recording an astonishing 455% in gains. The reason for this is that its massive debt boosted its equity this year. Its cash flows relative to equity have been positively affected by the improvements in mining economics, according to Mellerud.

Other notable performing miners include Digihost, Cipher, Riot, Iris Energy, and Marathon. Most of these mining firms have relatively low debt levels relative to equity, so are significantly less financially leveraged than Core Scientific.

Current Market Cycle Resembles Bitcoin’s 2019 Mini Bull Cycle

Mellerud has pointed out the similarity between the current market cycle and that of Bitcoin’s mini bull cycle in 2019, where Bitcoin surged by 260% from bottom to top. If this cycle repeats, then Bitcoin is expected to top out at $42k in 2023, alongside a potential soaring of Bitcoin mining stocks.


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The Bitcoin mining industry has had its ups and downs, but the recent rally has brought a sense of optimism to the sector. Bitcoin mining stocks have rallied alongside the price of Bitcoin, recording significant gains. The likelihood of Bitcoin reaching $42k this year could lead to a further increase in the market, especially for Bitcoin mining stocks.

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