Bitcoin mining stocks underwhelm in March, but brighter days could be around the corner
In March mining stocks increased at a slower pace compared to BTC, amid macroeconomic uncertainty and increasing competition among Bitcoin miners. Bitcoin mining stocks had a dull performance in March, with small moves here and there that followed BTC's price movement. While it is encouraging to see that most stocks held onto their impressive January gains, Bitcoin's price action will be crucial for the short-to-medium-term performance of these stocks. Additionally, the expansion of the public Bitcoin mining sector in the U.S. continues as American miners reported one of the biggest ASIC imports in January 2023. The delivery of new machines and an increase in the BTC price led to a surge in the network's hashrate to new all-time highs. Miners' incomes, however, are subdued by the rising network difficulty. Mining stocks are in wait-and-see mode Despite Bitcoin’s recent 18% rally, subdued performances of most mining stocks can be attributed to the uncertainty around the...