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Stocks related to cryptocurrencies and bitcoin mining beat bitcoin in year-to-date gains

The majority of Bitcoin mining stocks have recorded massive YTD gains that dwarf the impressive performance of Bitcoin (BTC).

This surprising turn of events comes when Bitcoin trades in a bullish atmosphere, underscoring the remarkable performance put in by these mining stocks.

Mining Stocks vs Bitcoin

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Data confirms that Bitcoin mining firms boast two to three digit year-to-date (YTD) gains. A classic instance is Cipher Mining Inc., which sees a YTD increase of 356%. This figure compares to Bitcoin’s 84.61%, based on CoinGecko’s data.

Mining stocks represent the tradable shares of companies dedicated to Bitcoin or other Proof-of-Work (PoW) mining activities. Comparing the growth of mining stocks with that of Bitcoin is one unconventional method of measuring performance over time.

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Besides Cipher Mining, Riot Platforms, with a current market capitalization of $1.89 billion, also sees a massive 163.10% YTD growth. Northern Data AG, a Frankfurt-based GPU miner, is up 291.40% since the start of the year after picking momentum in the third quarter.

The Bitcoin mining terrain keeps welcoming intensive competition from industry giants. Two major factors are driving the renewed interest and investment in this sector. First is the resurgence in Bitcoin’s price compared to the lows printed in the winter.

The second factor hinges on the upcoming halving event, as most miners seek to optimize their efforts with more mining machine acquisitions to get a good share before rewards nosedive by 50%.

Alongside the highlighted miners, others, including Hut 8 Mining Corp, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies, have printed more than 100% growth YTD. While its gains since January are not up to 100%, Cleanspark, with a market capitalization of $537.3 million, has also soared 93.34%.

The Obvious Exception

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Talkin' Investing

It is worth noting that miners are in a better position compared to Q4 2022, when bankruptcy threatened the existence of most of the current players. However, Bitcoin’s gains are currently outpacing the performance of Argo Blockchain and TeraWulf with 43.8% and 64.75 YTD increase.

With a price of $30,738.97 and a 19% jump in trading volume to $19.07 billion, Bitcoin remains one of the most attractive assets. Riding on its performance and positive fundamentals, Bitcoin has welcomed some bullish price projections recently.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



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