Quick Take
The Bitcoin mining industry has reached a significant milestone, surpassing a market capitalization of $20 billion, now standing at $20.6 billion, according to Farside data.
This milestone emphasizes the growing significance of public miners within the Bitcoin ecosystem, contributing approximately 28% of the global hash rate. They are valued at around 1.55% of Bitcoin’s current market capitalization of roughly $1.327 trillion.
Bitcoin Miners Market Cap Data: (Source: Farside)
Despite this significant milestone, numerous mining companies have faced challenges this year in terms of share price returns.
Notably, CleanSpark stands out as an exception, boasting a remarkable 51% increase year-to-date. Interestingly, the WGMI Bitcoin mining proxy ETF has seen a 4% decline year-to-date.
Contrary to earlier speculations, the introduction of Bitcoin ETFs hasn’t negatively impacted Bitcoin proxy equities. This is evident from MicroStrategy’s impressive 222% surge since its introd
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