Former Bloomberg analyst Jamie Coutts CMT has released an analysis of Bitcoin miners and BTC. According to Jamie Coutts,
Value proposition: A short 7-year history shows that Bitcoin miners continue to lose money compared to BTC. In addition to their amplified cyclicality, they are also highly dilutive to shareholders.
Halving: Miners fell by 50% in the six months following the 2020 halving. Then came an explosive 150% excess gain that lasted 3 months to March 2021.
Industry Consolidation: The ratio chart of the market cap to the equal weight index shows a bias towards large companies. The hash rate of listed miners exceeds 30%, and the large miner MARA is growing very fast.
Bitcoin miners are great tools for trading, but poor stores of value. That could change as larger miners take on more hashes and industry consolidation. In the long run though, it's worrisome. Hopefully, more small-scale and nation-state endorsements of emerging markets to help offset.
Former Bloomberg analyst: Hash rate of listed miners exceeds 30%, large miner MARA is growing very fast
2024-04-23 01:44:42
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