What Gives With BTC Miners?
Bitcoin is off to a pretty good start this week. Someone should tell the miners. What gives?
Bitcoin is having itself a nice week so far. As of writing, BTC is up about $5k this week. That’s good for about 13% in just a couple sessions. Despite the nice move in the top crypto, some of the Bitcoin derivative plays that degenerate gamblers like myself like to use as a stock proxy don’t seem to be buying the rally. Consider, year to date Bitcoin is down roughly 7%. And though Bitcoin and the miners have moved roughly in lockstep all year, the miners are not getting off the mat even with Bitcoin’s big surge this week.
The big blue line is Bitcoin. The three purple lines are Hut 8 (HUT), Bitfarms (BITF), and Riot Blockchain (RIOT). So what gives?
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