Bitcoin companies see spectacular recovery and even overtake BTC

Since the end of last year, bitcoin (BTC) has experienced one of the best performances in the market – with exceptions. Meanwhile, bitcoin miners have also crawled out of a deep bear market. The shares of certain public bitcoin miners miraculously outperformed bitcoin itself, according to a analysis from Coindesk.

Bitcoin miners bad bet in 2022 bear market

The number of crypto companies that have listed shares is quite limited, but bitcoin miners are quite present on stock exchanges. Last year, these companies were of interest to Wall Street pessimists. For the people who short wanted to go into the crypto industry, there were few stocks that have fallen as hard as miners.

For example, Riot Blockchains (stock exchange symbol: RIOT) has fallen by about 86% in 2022. Marathon Digital (MARA) was one of the stronger companies in the industry, yet its share price fell by as much as 90%.

In addition, there were also several miners who went bankrupt. Even the largest publicly traded bitcoin miner in the world, Core Scientific (CORZ), went bankrupt at the end of last year. That stock crashed from $11 to about $0.04 — a drop of about 99.6%.

Not only the sharp decline of bitcoin played a role in this. Miners also continued to compete fiercely with each other in 2022, despite the fact that many miners were already struggling. To make matters worse, the heavy sanctions on Russia resulted in much higher energy prices, while many miners actually benefit from low energy prices.

Bitcoin miners the big winner first half 2023?

But this year, bitcoin has found renewed strength. The largest cryptocurrency is up 100% since the bottom. This appears to have been a huge relief for bitcoin miners, who have even outperformed ‘regular’ bitcoin many times over.

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Riot Platforms (RIOT), Bitfarms (BITF), Iris Energy (IREN), and CleanSpark (CLSK) are from the bottom to the peak with 484 respectively%, 435%, 500% and 260% increased.

Core Scientific (CORZ) takes the cake with a return of no less than 2,865%. After the bankruptcy it managed to make a new start thanks to a large investor.

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