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Shares of large mining companies are up 5,000% over the past year

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Shares of large mining companies are up 5,000% over the past year

For every 1% increase in the price of bitcoin, the shares of large mining companies rise by an average of 2.5%. But this trend works in the opposite direction.

mining companies

Shares of the largest mining companies Marathon Digital Holdings, Hut 8, Riot Blockchain, and Hive Blockchain have risen in price by 5000% over the past year. Thus, they outstripped the growth of bitcoin, which over the same period rose by 761% from $ 6.7 thousand to $ 57.7 thousand, Vice President of the Fundstrat Research Center Lior Shimron said in an interview with CNBC.

According to him, there is a growing trend among miners to preserve a certain amount of mined digital coins for their further retention. For example, Marathon Digital Holdings recently invested $ 150 million in bitcoin, Shimron notes.

The vice president of Fundstrat claims that for every 1% increase in the price of the main cryptocurrency, the shares of large mining companies increase in price by an average of 2.5%. According to Shimron, this dependence is observed not only with the growth of quotations but also with their decline. In other words, stocks of companies mining cryptocurrency will fall in price if the price of bitcoin also starts to decline.

Earlier, the miners managed to reach a record daily income of $ 52.3 million. They were able to increase their income, despite the halving of the reward for the mined block, which occurred in May last year. After the third Bitcoin halving, the block reward was reduced from 12.5 to 6.25 bitcoins.

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