In a particularly dynamic period for Bitcoin mining and network usage, public miners have shown signs of recovery, with notable companies like CleanSpark (CLSK) outperforming others in a challenging market. Amidst a mid-cycle price correction, hash rates have shown resilience while hash prices indicate market sensitivity, reflecting nuanced behaviors in investor sentiment and mining profitability. Furthermore, network usage metrics such as mempool size and high-priority fees have seen modest increases, pointing to a stable yet active blockchain environment.
Publicly traded bitcoin miners had a much better week this week than last. The week of 11 March, every single miner was negative in both dollar and bitcoin performance. This week, starting 18 March, stock prices have increased for 5 of 17 miners. In bitcoin terms, 2 posted positive results this week. CleanSpark (CLSK) continues to be the standout performer. While not the top performer this week, they have weathered this recent sell-off in bitcoin miners the best. Just a few weeks ago, its market cap surpassed Riot (RIOT), now they are 29% larger.
Other miners are turning the corner as well. While Marathon (MARA) and RIOT struggle, mid-tier miners like Cipher (CIFR), Hut8 (HUT), and TeraWulf (WULF) are starting to post gains. Interestingly, those two prior giants, MARA and RIOT have the two lowest production to hash rate at 29 and 33 respectively. Most others are in the 40’s. With Iris (IREN), HIVE and DMGI coming in virtually tied at 49 BTC/EH.
Bitcoin Reserves: With each spike in Bitcoin's price, companies holding significant amounts of BTC on their balance sheets should see disproportionate stock performance, assuming other market factors remain favorable.
Market Cap Relevance: The dynamic shifts in market capitalization, as seen with CLSK surpassing RIOT and more efficient mid-tier miners posting gains, highlights the importance of efficiency and operational metrics in investor valuations. Investors should consider both market cap trends and underlying operational metrics when evaluating investment opportunities.
CleanSpark CEO Selling: “CLSK CEO and President, Zachary Bradford, has sold a significant portion of his holdings in the company, according to a recent SEC filing. Bradford offloaded 443,000 shares of common stock at an average price of $20.31 per share, bringing the total value of the transaction to approximately $8,997,330.” - Investing.com
While the 7DMA of hash rate has increased by 4.35% in the last 30 days, it is down week-over-week (see last week’s post). Hash price (revenue per TH) is showing the same behavior. It looks positive, up 22% in 30 days, but it is down WoW from $1.12 to $1.03. It gets even worse if you look at the current daily hash price, not part of our dashboard but part of our data collection. It stands at only $0.87. We expect these results during a mid-cycle correction that Bitcoin is currently experiencing. Hash rate tends to be less volatile than price, meaning as price spikes, hash price surges but then gets reeled back in as the correction occurs.
Revenue metrics remain mixed as they have in recent weeks, with 30-day average revenue measured in USD continues to rise while revenue in BTC continues to fall. However, WoW revenue in BTC has turned the corner as well, moving up from 28,594 on last week’s post to 28,762 this week. Most likely the reason for this is inscription volume has not rebounded significantly and fees have remained low for several weeks. The 30-day average revenue in USD climbed $90 million WoW, and $450 million MoM...
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