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Bitcoin Miner Stocks Decline Ahead of Halving, Miners Remain Optimistic

April 18, 2024
in Business
Bitcoin Miner Stocks Decline Ahead of Halving, Miners Remain Optimistic
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Bitcoin miners are experiencing a significant drop in stock prices as the upcoming halving is slated for later this week.

The fourth Bitcoin halving, around April 20, will slash mining rewards by half to 3.125 BTC, currently valued at approximately $200,000.

Bitcoin Miner Stocks Decline

The stock prices of Marathon Digital (MARA) and Riot Blockchain (RIOT), key players in Bitcoin mining, have experienced significant declines, dropping by approximately 53% and 54%, respectively, from their peak values earlier this year in February, as per data from Google Finance.

CleanSpark’s (CLSK) stock surged to a three-year high of $23.40 on March 25 but has since retreated by 38.1% to $14.48. Despite this decline, it remains up by almost 250% for the year.

The Valkyrie Bitcoin Miners exchange-traded fund (ETF) has also dropped around 28% this month alone.

Meanwhile, non-U.S. Bitcoin miners like Singapore’s Bitdeer Technologies (BTDR) and Australia’s Iris Energy (IRIS), both listed on the Nasdaq, have witnessed significant declines of 40.8% and 47.6%, respectively, since reaching year-to-date highs in mid-February.

The recent rise in geopolitical tensions over the weekend has further fueled a risk-off sentiment among investors.

Miners Optimistic About Bitcoin’s Long-Term Growth

Even with these challenges, the CEOs of Bitcoin mining companies are maintaining a positive outlook, as reported by Bloomberg. They point to factors such as low-cost operations, advancements in equipment efficiency, and increasing demand for crypto assets, which they believe can help offset the anticipated $10 billion annual revenue losses from the upcoming halving.

Miners are banking on increased demand from the new spot Bitcoin ETFs to drive BTC prices higher, helping to counteract the negative effects of the halving. Since the launch of traditional asset management firms’ ETFs in January, Bitcoin has seen significant growth. These funds have attracted substantial capital from a broader investor base beyond the crypto community.

Concerns about profitability arose in late January when Cantor Fitzgerald reported that 11 publicly-listed Bitcoin miners would face such challenges post-halving if Bitcoin’s price remained around $40,000, its value at the time.

Jaran Mellerud, founder and chief mining strategist of Hashlabs Mining, suggested that if Bitcoin’s price doesn’t continue to rise after the halving, some U.S. miners may need to relocate or expand operations offshore to access more affordable electricity costs.

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