Bitcoin mining stocks outperform BTC over the past year
Bitcoin has been the best performing asset of the last decade. Over the past year alone, the leading cryptocurrency surged by more than 1,000% after declining below the $4,000 mark in March 2020. However, Bitcoin mining stocks outperformed BTC over the past 12 months, making them perhaps the most lucrative assets of the past year.
Bitcoin mining stocks outperform BTC
Bitcoin is up by roughly 1,000% over the past year, but it lags behind the four largest publicly-traded mining firms' shares. The four leading publicly-traded mining firms' shares are up by 5,000% over the past 12 months.Fundstrat's vice president of digital asset strategy, Leeor Shimron, revealed this while talking on CNBC last weekend. Shimron analyzed the performance of the four leading publicly-traded mining firms (Marathon Digital Holdings, Riot Blockchain, Hive Blockchain, and Hut 8.)
These firms have a market cap above $1 billion and experienced massive growth over the past year. According to Shimron, the average return for shares in the mining firms was roughly 5,000%. Bitcoin rallied by roughly 1,000% during that period.
According to his analysis, there was a huge correlation between the stocks and BTC. Shimron's analysis revealed that the beta these mining firms exhibit generates a return of 2.5% for every 1% move in Bitcoin. He analyzed that Bitcoin mining is a highly competitive sector, and profitability is usually tied to factors such as cheap electricity and access to specialized mining hardware.
Mining firms increase capacity as BTC price rises
Shimron revealed that the mining companies increase their capacity as Bitcoin's price rises. "As bitcoin's price increases, miners spin up new rigs or upgrade their hardware with more powerful and efficient machines," he added.He cited Marathon's recent acquisition of 70,000 S-19 ASIC miners from Bitmain for $170 million as proof of his point. Once the mining machines are delivered, Marathon will hold 103 machines to power up its rigs.
The analyst believes that there is still room for growth in the Bitcoin mining business. "For investors looking to gain exposure to miners, that beta makes it a great opportunity during the middle of a roaring bull market. ...There are fits and starts and pullbacks, but we still have lots of room to grow here," he concluded.
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