Summary
Bitcoin mining stocks have struggled recently due to concerns about the upcoming halving event, which will decrease block rewards for miners. Most mining stocks have declined in value, but some, like CleanSpark, have seen gains. Analysts expect continued volatility in miner stocks leading up to the halving, with potential post-halving strength. Other factors, such as a proposed tax on miners’ energy usage, are also impacting the market. Despite challenges, some miners are expanding their operations and remain optimistic about future growth.
Key Points
1. Bitcoin mining stocks have struggled in recent weeks despite BTC’s relentless price rally.
2. Market concerns related to the upcoming bitcoin halving are the main reason, segment observers noted. The halving is expected to occur in late April, at a block height of 840,000.
3. Mining behemoth Marathon Digital — with a standout energized self-mining hash rate of 28.7 exahashes per second (EH/s) — was down 20% from a month ago, as of 12 pm ET Wednesday.