Even with the recent rise in the bitcoin price, public bitcoin mining stocks start the year with more impressive gains than the asset itself.
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Public Mining Update
Looking at the high-level view of bitcoin holdings, we’ve seen a declining trend in holdings across public miners throughout 2022, from 46,930 BTC at peak in April 2022, to 31,892 in January 2023 — a 32% decline in 10 months. With Bitfarms, Core Scientific and Northern Data shedding their bitcoin, holdings across public miners are now largely concentrated in Marathon Digital, Hut 8 and Riot Platforms.
The trend of hash rate expansion is “up only” with public miners growing their hash rate by 129% over the last year. This growth has been a significant driver of overall hash
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