Bitcoin

Bitcoin mining stocks have tanked as much as 27% over the last three trading days despite a recent Bitcoin&nbsp;rally that saw the asset nearly top $64,000.
One analyst suggests it could be due to misplaced weariness over the upcoming halving while hinting that it could be another “great opportunity” to acquire cheap mining stocks. 
Since Feb. 27, the two largest Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;miners, Marathon Digital Holdings and Riot Platforms, have fallen 18.5% and 21.9%, respectively, <a href="https://www.google.com/finance/" target="_blank" rel="noopener nofollow">according</a> to Google Finance.
CleanSpark was among the hardest hit, falling 27.5%, while TeraWulf has also tanked 25.4%. 
On the other hand, Bitcoin has rocketed up from around $51,000 to a year-high of $63,700 before eventually cooling off slightly to the current price of $61,350.&nbsp;
Gold proponent and crypto skeptic Peter Schiff was among those to notice the trend on X, pondering whether the Bitcoin mining stock drop was a “sign of trouble ahead” for Bitcoin. 
A crypto trader named Chris said on X he had invested in CleanSpark but quickly changed his tune on miners as Bitcoin rose toward $65,000. 
“Things started to look frothy, so I bailed,” Chris <a href="https://x.com/StonkChris/status/1763226766787719307" target="_blank" rel="noopener nofollow">said</a> in a separate post.
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 X post from United States stockbroker and financial commentator Peter Schiff. Source: X
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Speaking to Cointelegraph, Blockware Solutions’ head analyst Mitchell Askew said the “most logical” explanation for the divergence is investors being weary of deploying capital into Bitcoin miners as <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">the halving event fast approaches</a>.
The halving event will see Bitcoin miner rewards sliced from 6.25 BTC, worth $586,800, to 3.125 BTC, worth $293,400 at current prices.
Askew noted two major divergences in the last 12 months where Bitcoin and Bitcoin mining stocks plummeted. 
“Both times turned out to be a great opportunity to acquire mining stocks at a discount,” Askew said in reflection of those price movements.
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 “These are healthy pullbacks [and are] to be expected given the volatility of these assets.”
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Related: <a href="https://cointelegraph.com/news/miners-usa-bitcoin-halving-hash-rate">Energy-efficient miners in US less likely to be impacted by Bitcoin halving</a>
The three to four months following the Bitcoin halving — <a href="https://www.nicehash.com/countdown/btc-halving-2024-05-10-12-00" target="_blank" rel="noopener nofollow">scheduled</a> to take place on April 20 — could be a crucial period for publicly listed miners in the U.S., according to one of Hashlabs Mining’s founders and chief mining strategist Jaran Mellerud, who believes some <a href="https://cointelegraph.com/news/bitcoin-btc-halving-could-move-mining-out-united-states">high-cost miners may move offshore</a> to remain profitable.
Askew is adamant that won’t be the case, telling Cointelegraph it is foolish to think the halving will put them at risk of becoming unprofitable.
“[They] have some of the lowest energy costs possible and have been acquiring the latest-generation hardware in preparation for the decreasing block subsidy,” Askew explained.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-mining-difficulty-skyrockets-new-satoshi-emails-revealed-and-more-hodlers-digest-feb-18-24/">Bitcoin mining difficulty skyrockets, new Satoshi emails revealed, and more: Hodler’s Digest, Feb. 18-24</a>

Bitcoin mining stocks dip more than 27% despite Bitcoin rally

Cointelegraph

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