Bitcoin mining stocks struggle to hold onto their Q1 gains due to increasing market competition and uncertainty around BTC’s recent price rally.
Bitcoin mining stocks had a dull performance in March, with small moves here and there that followed BTC's price movement. While it is encouraging to see that most stocks held onto their impressive January gains, Bitcoin's price action will be crucial for the short-to-medium-term performance of these stocks.
The median monthly gain in the top ten mining stocks is 0.30%, with an average of 5.21%. Riot Platforms and Cipher Mining led the monthly gains across the sector with a 28.64% and 24.34% rise. CleanSpark, Inc. and Bitfarms Ltd. were the worst performers, with negative 6.52% and 5.79% moves.The average Q1 2023 gains across the top ten Bitcoin mining stocks is 128%. These shares yielded the majority of their Q1 2023 gains in January.
The increase in Bitcoin’s price is only part of the reason behind the hashrate surge. The discrepancy in miner incomes can be attributed to the increasing mining difficulty. It was mainly due to the delivery of new machines across America, which increased the network’s processing power and difficulty.imported 1,555 tons of machines, which has propelled the network’s hashrate to its current peak.Bitcoin monthly estimate of miner shipments and the network’s hashrate.
"If there’s no major uptick in the shipment gross weight in the rest of March and into April, the growth rate of bitcoin’s network hashrate may gradually slow down.”
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Bitcoin mining report: March 28Bitcoin mining stocks were mostly higher on Tuesday.
Leer más »
Bitcoin Layer 2 Stacks Token a Top Performer in MarchThe Stacks token $STX has gained 23% in March and is up 350% over the past year amid booming hype for Bitcoin Ordinals and growing total value locked on the protocol. LedsmaLyllah writes
Leer más »
3 Things That Will 'Continue to Plague Bitcoin': Steve HankeProminent Bitcoin critic professor Hanke shared why, for him, buying Bitcoin is 'fool's game'
Leer más »
Bitcoin Millionaire Tim Draper Advises Startups to Keep Bitcoin as a Hedge Against a 'Domino' Run on the Banks – Finance Bitcoin NewsTim Draper, a well-known venture capitalist and Bitcoin enthusiast, has recommended bitcoin and other cryptocurrencies as part of his cash diversification advice for business founders.
Leer más »
Bitcoin price plunges after CFTC sues BinanceBitcoin fell sharply on Monday morning, along with other cryptocurrencies, after the CFTC sued Binance for numerous alleged violations.
Leer más »
Binance Bitcoin Trading Volume Hits Lowest Level in 8 Months Following Termination of Zero-Fee TradingZero-fee trade volume accounted for 66% of Binance’s trading volume in mid March prior to the exchange's decision to curb the zero-fee promotion. LedesmaLyllah reports
Leer más »