Data: Shares of multiple bitcoin mining companies rose after bitcoin halved
2024-04-28 00:00:00
According to data from the Motley Fool report, in the week after the bitcoin block reward was halved, the share prices of several bitcoin mining companies rose despite the halving of miners' income. Riot Platforms shares rose as much as 36.3%, while Marathon Digital and Cipher Mining rose 20.1% and 20.3% respectively. The analysis believes that the halving may eventually trigger mining consolidation, with well-capitalized mining companies acquiring less efficient competitor assets and market share concentrated in a few competitors, helping to improve profitability, especially in the case of rising bitcoin prices. In addition, while the increase in market share may be positive, miners still need to profit from the spread between costs and bitcoin prices.
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