Cipher

Bitcoin

Bitcoin is up 50% year-to-date (YTD), but <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/" rel="noopener noreferrer nofollow">Bitcoin mining</a> stocks have outperformed it with a 200% jump. Leading the way, <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> Mining (CIFR) has soared by a remarkable 389% this year. This surge comes even as <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">Bitcoin's price</a> fell 10% against the USD on Thursday, speculated to be due to SpaceX selling its holdings, bringing the cryptocurrency to under $26,000. In comparison, the S&amp;P 500 Index has increased by 14%, NASDAQ Composite by 28%, and Dow Jones by 4% in 2023.&nbsp; 
Top stocks like Nvidia, Meta, and Tesla have also risen, but not as high as <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> Riot Platforms Inc. (RIOT) and <a href="https://ultramining.com/news/marathon-digital-povyshaet-energoeffektivnost-s-pomoshhyu-majnerov-s19-xp/" rel="noopener noreferrer nofollow">Marathon Digital Holdings</a> Inc. (MARA), both up 228%. Nasdaq emphasizes the value of <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/" rel="noopener noreferrer nofollow">Bitcoin mining</a> stocks as a proxy for investors unable to buy Bitcoin directly. However, with <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">Bitcoin's price</a> dropping, caution is advised regarding the cyclical nature of mining stocks. The success of mining stocks may indicate future price changes in Bitcoin. 
Subscribe to our Telegram <a href="https://t.me/ultraminingcom" rel="noopener noreferrer nofollow">channel</a>! Only the most interesting stuff there

Cipher Mining Outshines All with a 389% Surge as Bitcoin Mining Stocks Thrive

Ultramining_Eng

Other articles published on Aug 20, 2023

Beyond Bitcoin: Why Will Altcoins Outperform BTC in the Next Crypto Market Cycle

Bankman-Fried requests release to work on defense

Some Altcoins on South Korean Cryptocurrency Exchanges See Unusual Volume Spikes

BTCFI: Evolution of Bitcoin’s Financial Landscape

Crypto: The Modern Era’s Ticket to Generational Wealth

Litecoin and Dogecoin Stand Out With Increased Activity

Join our free newsletter for daily crypto updates!