Bitcoin miners outshine the BTC’s 165% rally with astonishing triple-digit gains Quick Take
The year 2023 has been notably prosperous for Bitcoin miners, with the industry as a whole surpassing expectations. Bitcoin has seen a commendable increase of 165% this year. However, a significant number of public miners have managed to surpass this growth, registering an impressive triple-digit increase.
Hive trails the pack with a 194% rise, followed by Riot at 397%. Bit Digital, Cleanspark, and Bitfarms have also experienced significant expansion with 422%, 453%, and 539% growth respectively. Cipher Mining Inc. and Marathon Digital Holdings top the charts with impressive 548% and 582% increases, respectively.
Last month, CryptoSlate identified a divergence between the price of Bitcoin and that of miners. This gap has substantially narrowed over time. The ETF WGMI, used here as a proxy for miners, is trading at $17, nearly reaching its year-to-date high of $19. This is indicative of the reduced divergence between Bitcoin and miner performances.
In conclusion, while 2023 has seen Bitcoin miners outpacing Bitcoin itself in growth, one can’t help but wonder how these miners will perform in the face of the upcoming Bitcoin ‘halving’ event in April – a process that effectively cuts the reward for mining Bitcoin transactions in half, impacting the incentive for mining.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Cipher Mining
Cipher Mining is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure in the United States.
CleanSpark
CleanSpark (NASDAQ: CLSK) is a sustainable bitcoin mining and energy technology company that is incorporated in Nevada.
Hive
HIVE Blockchain Technologies is the first publicly traded crypto miner which debuted on the Toronto Venture Exchange in 2017 and trades under the ticker HIVE.
Bitfarms
Bitfarms (NASDAQ/TSX: BITF) is a Canadian Bitcoin mining company that was founded in 2017.
