Relative to their historical relationship with Bitcoin, the miners are starting to catch up, see the data here: Bitcoin Miners Relative Price Table.
But zoom out, and it’s clear that Bitcoin mining stocks as a group are struggling relative to BTC compared to the last cycle.
So what’s different this time? Why aren’t they keeping pace like they used to?
Let’s dig into it.
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Bitcoin Miners Have Lost Their Edge
The Takeaway
Bitcoin mining stocks are catching up to Bitcoin year-to-date, but they continue to underperform relative to past cycles.
Attempts to boost performance by combining mining operations with Bitcoin treasury strategies have run into operational and financial constraints.
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