It was a perfect storm for bitcoin mining companies in 2022: Interest rate hikes increased the cost of capital, mining bitcoin became less profitable as hashrate stubbornly trudged upward while bitcoins price tumbled and mining companies treasury management strategies failed them.
The result of the tempest shows up in the stock prices of the five biggest public miners by hashrate. In 2022, Core Scientific ($CORZ), Riot Blockchain ($RIOT), Bitfarms ($BITF), Iris Energy ($IREN), and CleanSpark ($CLSK) traded down 99%, 85%, 91%, 92% and 79%, respectively.
Ouch.
No, this doesnt mean that Bitcoin is dead or that bitcoin (BTC) is destined for $0. I have quite literally written the opposite. It doesnt even necessarily mean that the public min…
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