Mining Stocks Outperform Bitcoin But Trail Yearly Peaks
Double-digit returns over the past month
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Bitcoin mining stocks have exhibited strong growth over the past month, surpassing Bitcoin’s 10% gains, yet they remain considerably below their yearly highs.
Recent data indicates that 10 out of the 14 most actively traded mining stocks have experienced increases exceeding 20% over the past four weeks. Notably, Cipher achieved the highest return of 65%, followed by CleanSpark and Riot.
The rebound in mining stocks coincides with renewed optimism in the Bitcoin market ahead of the U.S. election. This has propelled Bitcoin close to $69,000 and boosted mining profitability back to the critical $50/PH/s threshold.
As of this publication, Bitcoin is trading at $68,400, approximately 7% below its all-time high of around $73,500. In contrast, nearly all major mining stocks remain significantly below their 52-week highs documented earlier this year, with the exception of Core Scientific.
Year-to-date, Bitcoin has risen by 55%, outperforming most mining stocks, which are typically regarded as leveraged plays on Bitcoin. Only Core Scientific and Terawulf have recorded higher returns than Bitcoin so far this year.
Mining Stocks Outperform Bitcoin But Trail Yearly Peaks 11
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