Summary
Publicly traded bitcoin miners are increasing their electricity and hashrate capacities to offset reduced revenue and profit profiles. Stocks of listed miners are down year-to-date despite a 46% rally in bitcoin due to uncertainty around the halving.
Key Points
1. Publicly traded bitcoin miners are increasing their electricity and hashrate capacities in response to reduced revenue and gross profit profiles.
2. Despite a 46% rally in bitcoin year-to-date, most listed miners’ stocks are down due to uncertainty surrounding the halving.
3. The adjustment in capacities by miners reflects the ongoing challenges and volatility in the cryptocurrency market.