Publicly-Traded Bitcoin Miners Have Been Outperforming The Bitcoin Price

Publicly-Traded Bitcoin Miners Have Been Outperforming The Bitcoin Price


The beneath is from a latest version of the Deep Dive, Bitcoin Journal’s premium markets e-newsletter. To be among the many first to obtain these insights and different on-chain bitcoin market evaluation straight to your inbox, subscribe now.

In regards to the performance of publicly traded miners, we will be looking at their performance since the start of 2020 in both USD and BTC terms.

RIOT, MARA, BITF, and HUT will be examined specifically.

Since the start of 2020, these four companies have outpaced the performance of bitcoin, and there’s a few key reasons why. Namely, publicly-traded equities are often valued using a multiple of their current earnings/cash flows.

Towards the last quarter of 2020, miner hash price started to explode, and thus the revenue and subsequently public miner market capitalizations followed. Hash price is quantified by dividing hash rate by miner revenue (dollar per terahash in particular).

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