Bitcoin mining stocks are doing better than Bitcoin in 2021
A raft of crypto mining stocks outperformed Bitcoin in the first half of the year, led by Marathon Digital Holdings which jumped 180% while BTC managed just 9%.
Protos analyzed 10 Bitcoin and crypto stocks (plus Grayscale Bitcoin Trust) to rank their performance in 2021 so far. Of those, seven closed June ahead of Bitcoin.
And while Bitcoin topped out in April up 99% in the year-to-date, many stocks — like London’s Argo, Colorado’s Riot, and Beijing’s Canaan — peaked after rising hundreds of percent.
- Marathon, Riot, Argo, and Bitfarms surged at least 100%.
- DMG, Hut8, and Canaan rose 54%, 44%, and 22% respectively.
- British Columbia’s DMG spiked the most, it had jumped 760% in the year-to-date by late February.
Bitcoin beat these
Bitcoin stocks that returned less than Bitcoin in the year’s first half were Bit Digital, Ebang, CleanSpark, and Grayscale Bitcoin Trust, respectively down 77%, 57%, 38%, and 15%.
In fact, those four have tailed Bitcoin throughout the entire year so far, with the exception of Utah’s CleanSpark and Barry Silbert’s Grayscale Bitcoin Trust which briefly eclipsed the top crypto in early January.
Bit Digital — once based in China but now headquartered in New York — was by far the worst of the bunch, having spent the entire first half of 2021 firmly in the red.
Of course, the 10 Bitcoin mining stocks we studied boast much smaller market values than Bitcoin.
This makes their share prices volatile and susceptible to sudden price movements heavily swayed by sentiment.
Bitcoin mining stocks moving as one
Altogether, the 10 Bitcoin mining stocks were worth $6.92 billion at the start of the year, according to YCharts.
- They were valued at $21.06 billion at their peak in March.
- That represented over 200% growth in two and a half months.
- Those stocks were worth $11.4 billion at the end of June.
So, collectively they’ve seen their value nearly halve since their peak. Still, they posted 65% growth for the first six months of 2021.
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Riot and Las Vegas-based Marathon added the most raw dollars to their market values by the end of June, each around $2.3 billion.
Those are by far the biggest stocks of the group, worth $3.6 billion and $3.1 billion respectively. And in terms of percentage growth, Marathon and Toronto’s Bitfarms led the pack.
[Read more: Short sellers target Chinese Bitcoin mining stock worth nearly $1B]
Marathon and Bitfarms respectively grew their market values by 280% and 265%.
Now, let’s see how these Bitcoin mining stocks stick the landing on the second half of 2021.