While Bitcoin is up 900% in the last 12 months, shares in the four largest publicly-traded mining firms are up 5,000% over the same period. Despite the top publicly-listed Bitcoin mining firms operating at losses, their share prices have dramatically outperformed BTC over the past 12 months. Appearing on CNBC, Fundstrat’s vice president of digital asset strategy, Leeor Shimron, shared his analysis into the market performance of the four-largest publicly-traded mining firms — Marathon Digital Holdings, Riot Blockchain, Hive Blockchain, and Hut 8, each of which represent a market cap of more than $1 billion.
Over the past 12 months, Shimron found the average return for shares in the mining firms to have been 5,000%, while BTC has gained 900% over the same period. Unsurprisingly, the stocks were found to have a “high positive correlation” with BTC. The researcher concluded that for every 1% price move in BTC, Bitcoin mining shares move by 2.5% on average. However, the observation applies to both upward and downward price moves, meaning mining stocks are likely to plummet with more than twice the aggression of BTC during bearish market conditions.
By building up their cash rate capacity and increasing their operating leverage, they effectively shield themselves from competition amongst new miners. So they’ve increased their economies of scale to retain market share, and I believe that should pay dividends going forward.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 73.6% | 54 | $67 992.56 | 1.35% | 2.18% | $1 341 608 846 080 | ||
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Ethereum predictions | 73.2% | 47 | $3 268.77 | 0.51% | -6.28% | $392 998 641 636 | ||
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Tether predictions | 94.4% | 1 | $1.000111 | 0.02% | -0.05% | $114 341 903 845 | ||
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Solana predictions | 66.8% | 71 | $187.15 | 5.00% | 10.88% | $86 950 076 572 | ||
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Binance Coin predictions | 78% | 42 | $587.18 | 1.64% | -0.31% | $85 685 293 473 | ||
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USD Coin predictions | 93.2% | 1 | $1.000122 | 0.01% | 0.01% | $34 147 378 826 | ||
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XRP predictions | 57.2% | 86 | $0.600376 | -0.28% | 1.62% | $33 597 543 281 | ||
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Dogecoin predictions | 74% | 55 | $0.134249 | 3.50% | 5.97% | $19 504 454 105 | ||
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Toncoin predictions | 81.2% | 29 | $6.72 | -0.41% | -8.16% | $16 914 629 714 | ||
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Cardano predictions | 76.4% | 49 | $0.416969 | 0.87% | -4.75% | $14 970 823 076 | ||
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TRON predictions | 87.2% | 18 | $0.137122 | 0.49% | 1.69% | $11 938 028 529 | ||
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Avalanche predictions | 75.2% | 40 | $28.57 | 1.38% | 1.50% | $11 278 950 659 | ||
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Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
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SHIBA INU predictions | 82% | 29 | $0.000017 | 2.28% | -3.53% | $10 112 019 376 |
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