Bitcoin

Trillion

<div class="watcher-guru"> 
 <p>Bitcoin mining stocks have had a phenomenal year so far in 2023. They have fetched investors double-digit returns. In fact, they have risen significantly higher than BTC and the average stock market index. </p> 
 <p>Riot platform has been 2023’s top gainer. Its stock has appreciated by 442% from the lows registered on Jan. 3, 2023. Likewise, Marathon is also up 405%. Other mining company stocks, like CleanSpark and Bitfarm, have risen in the 180% to 290% range. Since the beginning of 2023, Bitcoin is up by 78%, while the Nasdaq Composite Index has appreciated by 35%.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="496" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="" class="wp-image-105322 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1183w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1160w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1183w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="1024" height="496" src="https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp" alt="" class="wp-image-105322" srcset="https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1160w, https://cdn.thebittimes.com/images/2023/08/04/7c2ce8a2e94425a6ae0834662129f99d.webp 1183w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Mining Stocks vs. Bitcoin vs. Nasdaq Performance by TradingView 
  </figcaption> 
 </figure> 
 <p><strong>Also Read: Crypto Volume on Exchanges Dropped 12% to $2.6 Trillion</strong></p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <h3 class="wp-block-heading" id="h-the-halving-risk">The Halving ‘Risk’</h3> 
 <p>Recently, several predictions have been made indicating that BTC could reach a six-figure valuation by 2024. More than traders or investors, <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> companies need Bitcoin to attain a certain valuation for sustenance. A recent report published by Seeking Alpha examined the business model of <a rel="noopener noreferrer nofollow" title="Riot" href="https://thebittimes.com/tag/riot.html">Riot</a> Platforms. Towards the end of June, <a rel="noopener noreferrer nofollow" title="Riot" href="https://thebittimes.com/tag/riot.html">Riot</a> announced that it had struck a “landmark” deal to purchase 33,280 miners. </p> 
 <p>Additionally, the company forked out $162.9 million in total. This purchase was made with the intention to increase the self-<a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> capacity upon full deployment in 2024. With the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> scheduled for next year, miners’ rewards would slash by 50%, putting the entire <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> industry at risk. The report pointed out,</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p><strong>“The sector average total business cost per Bitcoin ranges from $30k-$60k while the currently known Bitcoin all-time high is only $69,000. Many Bitcoin mining companies might not survive a 50% cut in Bitcoin mining revenue.”</strong></p> 
 <div class="wp-block-image"> 
  <figure class="aligncenter size-full"> 
   <img decoding="async" loading="lazy" width="242" height="233" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="" class="wp-image-105329 ewww_webp" data-src-img="https://cdn.thebittimes.com/images/2023/08/04/3e6825693fdddda8aecd8b37bbed3178.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/04/3e6825693fdddda8aecd8b37bbed3178.webp.webp" data-eio="j"> 
   <noscript> 
    <img decoding="async" loading="lazy" width="242" height="233" src="https://cdn.thebittimes.com/images/2023/08/04/3e6825693fdddda8aecd8b37bbed3178.webp" alt="" class="wp-image-105329"> 
   </noscript> 
   <figcaption class="wp-element-caption">
     Source: Seeking Alpha 
   </figcaption> 
  </figure> 
 </div> 
 <p>The report indicated that they don’t see “anyway” where the Bitcoin sector can come out unscathed from the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>. Even though all the stocks have outperformed Bitcoin in 2023, they are overbought at this point.&nbsp;The report cautioned investors that “hodling” BTC <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> stocks is “extremely risky,” without proper support from the underlying fundamentals. The report concluded by highlighting,</p> 
 <p><strong>“Our model suggests that Bitcoin needs to trade above $98,000 to justify RIOT’s current valuation (post-halving).”</strong></p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
 <p></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>btc</li> 
  <li>halving</li> 
  <li>Marathon</li> 
  <li>mining</li> 
  <li>Nasdaq</li> 
  <li>Riot</li> 
 </ul> 
</div>

Bitcoin Must Surpass $98,000 for Miner's Sustainability in 2024

Table of Contents

TheBitTimes

Other articles published on Aug 4, 2023

Polygon and Filecoin Continue to Fall, Investors are Turning to Borroe (ROE)

Shiba Inu’s Skyrocketing Rally Slows Down Near This Level! Here’s What’s Coming Next For SHIB Price

2nd Edition Reality NFT Loot Boxes is Live!

WuBlockchain Weekly: Hashkey Pro And OSL in Hong Kong Offers Retail Trading、Curve Faces Hacker At...

Africa's Tech Future: UABA Launches First Blockchain Kids' Book

Casper Price Prediction: Significant Rise In CSPR Price

Join our free newsletter for daily crypto updates!