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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-stocks-plunge-despite-recent-rally/" data-wpel-link="internal">Bitcoin Mining Stocks Plunge Despite Recent Rally</a> 
<a href="https://coin-turk.com/prof-ozgur-demirtasin-gizemli-mesaji-dolar-tl-ve-bitcoin" data-wpel-link="internal">Bitcoin</a> mining stocks have experienced a decline of up to 27% over the last three trading days, despite <a href="https://en.coin-turk.com/understanding-the-recent-positive-turn-in-crypto-markets/" data-wpel-link="internal">Bitcoin</a>‘s approach to the $64,000 level in its most recent rally. An analyst suggested that this could be due to the upcoming halving event, highlighting it as a potential opportunity to acquire cheap mining stocks. According to Google Finance data, since February 27, the two largest Bitcoin miners, Marathon Digital Holdings (MARA) lost 18.5% in value, while Riot Platforms (RIOT) saw a 21.9% decline. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-mining-companies">What’s Happening with Mining Companies?</h2> 
On the other hand, Bitcoin rose from about $51,000 to a yearly high of $63,700 before eventually falling to $61,350. Gold advocate and crypto critic Peter Schiff was among those who noticed this trend, discussing whether the decline in Bitcoin mining stocks could be a sign of future problems for Bitcoin: 
<blockquote> 
 “A crypto investor named Chris mentioned investing in CleanSpark on platform X, but quickly changed his mind about miners as Bitcoin approached $65,000.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-321617" src="https://coin-turk.com/wp-content/uploads/2024/03/peter-tweet.jpg" alt="" width="500" height="428"> 
Blockware Solutions‘ head analyst Mitchell Askew believes the most logical explanation for the divergence is that investors are growing weary of allocating capital to Bitcoin miners as the halving event rapidly approaches. 
The halving event will see Bitcoin miner rewards drop from 6.25 Bitcoins worth $586,800 at current prices to 3.125 Bitcoins valued at $293,400. Askew noted that there have been two major divergences in the past 12 months where Bitcoin and Bitcoin mining stocks have fallen, adding: 
<blockquote> 
 “Both times were great opportunities to buy mining stocks at a discount. These are healthy pullbacks and should be expected given the volatility level of these assets.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="insightful-comments-from-a-prominent-figure">Insightful Comments from a Prominent Figure</h2> 
Hashlabs Mining‘s co-founder and chief mining strategist Jaran Mellerud believes that the 3-4 months following the planned Bitcoin halving event on April 20 could be very significant for publicly traded miners in the United States, and some high-cost miners may consider moving overseas to remain profitable. 
Askew is firm in his belief that this will not be the case, stating that it would be foolish to think the halving event will put them at risk of becoming unprofitable: 
<blockquote> 
 “Mining companies have some of the lowest possible energy costs and are purchasing the latest generation hardware to prepare for the decreasing block subsidy.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-stocks-plunge-despite-recent-rally/" data-wpel-link="internal">Bitcoin Mining Stocks Plunge Despite Recent Rally</a></h5>

Bitcoin Mining Stocks Plunge Despite Recent Rally

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