Bitcoin Mining Industry’s Pre-Halving DynamicsAn in-depth analysis of the current state of Bitcoin mining, network activity, and market forces as the halving event draws near, revealing strategic insights for investors.IntroductionAs the Bitcoin halving draws near, the public mining sector presents a mixed performance, with no noticeable correlation to BTC reserves, production, or production per hash rate. Miners with high levels of BTC should be more insulated from the volatility around the halving. Mining activity points to preparation for the halving with fewer BTC being sent from miners to exchanges and miners’ wallet balances rising. Lastly, network traffic is highly turbulent with a massive spike in fees amidst whispers of potential spam attacks and rising speculative interest as evidenced by rising number of inscriptions. Be prepared for heightened volatility over the next two weeks. Mixed Performance of Public MinersOutperformersCipher (CIFR) stands out with a 30.91% increase in USD price and a 36.55% increase in Bitcoin price, highlighting its exceptional performance during this period. TeraWulf (WULF) is not far behind with 28.14% and 33.65% performances respectively. Hut 8 (HUT) also is hanging onto a positive performance of 12.02% and 16.83% respectively. UnderperformersNorthern Data (NB2) is the standout loser over the last 30 days. RIOT has been disappointing as well. Among the other losers we have Bitfarms (BITF), Stronghold (SDIG) and Mawson (MIGI), all with double-digit losses in both USD and BTC. There is no correlation between BTC held (0.006), Production/Hash (0.04) or Production (0.02) in general to stock market performance. Investor Insights
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Friday, April 12, 2024
Bitcoin Mining Industry’s Pre-Halving Dynamics
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