Eclipse

Bitcoin

Hive

April

2023 has been a landmark year for <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a>, outperforming Bitcoin's significant 165% rise. Miners like Hive and <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Blockchain have seen remarkable growth, with increases of 194% and 397% respectively. This surge is further highlighted by Bit Digital, <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/">Cleanspark</a>, and <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a>, each registering gains of 422%, 453%, and 539%. Leading the pack are <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/">Cipher</a> Mining Inc. and <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/">Marathon</a> Digital Holdings with astounding 548% and 582% rises, according to <a href="https://cryptoslate.com/insights/bitcoin-miners-outshine-the-cryptocurrencys-own-165-rally-with-astonishing-triple-digit-gains/">Cryptoslate</a>. 
Despite Bitcoin's impressive rally, these <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> have substantially exceeded its growth. The ETF WGMI, a proxy for miners' performance, reached a near year-to-date high of $19, reflecting a closing gap between Bitcoin and miner valuations. This development is pivotal, considering the historical divergence between Bitcoin prices and miners' stock performances. 
As 2023 comes to a close, attention turns to the upcoming Bitcoin '<a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a>' in April 2024. This event, cutting the reward for mining Bitcoin transactions in half, will inevitably impact mining incentives. The big question remains: how will miners perform post-halving, and what implications will it have for the broader cryptocurrency market?&nbsp; 
The scenario sets the stage for an intriguing 2024 in the Bitcoin ecosystem, where miners' resilience and adaptability will be tested against market dynamics and regulatory shifts.&nbsp;

Bitcoin Miners Eclipse BTC’s Impressive Rally

Ultramining_Eng

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