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Bitcoin mining stocks have outperformed BTC by 455% over the past 12 months


22 Mar 2021

#Bitcoin

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.


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# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 85.6% 15 $65 540.15 -1.49% -5.53% $1 292 025 136 713 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 22 $3 522.97 -1.03% -4.20% $423 299 844 540 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999119 -0.02% -0.04% $112 461 741 822 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 27 $599.02 -1.18% -7.01% $88 405 924 535 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 37 $143.22 -1.18% -9.82% $66 140 487 489 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90% 3 $0.999928 0% 0.01% $32 459 684 152 USDC 7 days price change
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15 TRON (TRX) TRX TRON predictions 90% 12 $0.116829 1.30% 0.24% $10 196 410 787 TRX 7 days price change

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