Four publicly-traded bitcoin mining companies have outperformed the price of bitcoin since 2020 for a few key reasons.


The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In regards to the performance of publicly traded miners, we will be looking at their performance since the start of 2020 in both USD and BTC terms.

RIOT, MARA, BITF, and HUT will be examined specifically.

Since the start of 2020, these four companies have outpaced the performance of bitcoin, and there’s a few key reasons why. Namely, publicly-traded equities are often valued using a multiple of their current earnings/cash flows.

Towards the last quarter of 2020, miner hash price started to explode, and thus the revenue and subsequently public miner market capitalizations followed. Hash price is quantified by dividing hash rate by miner revenue (dollar per terahash in particular).



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