Bitcoin miners outshine the cryptocurrency’s own 165% rally with astonishing triple-digit gains

Quick Take

The year 2023 has been notably prosperous for Bitcoin miners, with the industry as a whole surpassing expectations. Bitcoin has seen a commendable increase of 165% this year. However, a significant number of public miners have managed to surpass this growth, registering an impressive triple-digit increase.

Hive trails the pack with a 194% rise, followed by Riot at 397%. Bit Digital, Cleanspark, and Bitfarms have also experienced significant expansion with 422%, 453%, and 539% growth respectively. Cipher Mining Inc. and Marathon Digital Holdings top the charts with impressive 548% and 582% increases, respectively.

Last month, CryptoSlate identified a divergence between the price of Bitcoin and that of miners. This gap has substantially narrowed over time. The ETF WGMI, used here as a proxy for miners, is trading at $17, nearly reaching its year-to-date high of $19. This is indicative of the reduced divergence between Bitcoin and miner performances.

In conclusion, while 2023 has seen Bitcoin miners outpacing Bitcoin itself in growth, one can’t help but wonder how these miners will perform in the face of the upcoming Bitcoin ‘halving’ event in April – a process that effectively cuts the reward for mining Bitcoin transactions in half, impacting the incentive for mining.

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