Crypto Mining Stocks Outshine Bitcoin’s Performance in 2023

Bitcoin has showcased an impressive 75% growth in 2023. Yet, it’s public mining companies that are stealing the limelight, according to coindesk.

Major players such as Core Scientific (CORZ), Riot Blockchain (RIOT), Bitfarms (BITF), Iris Energy (IREN), and CleanSpark (CLSK) have outperformed Bitcoin this year. These companies have witnessed a surge in their stock prices by 947%, 442%, 300%, 458%, and 212%, respectively.

In spite of taking significant hits during the crypto bear market in the previous year, these mining stocks bounced back. As a result, their price trajectories surpass that of Bitcoin’s.

The trend has reinforced the view that these mining stocks serve as high beta Bitcoin trades. In market parlance, beta measures a stock’s volatility relative to the broader market.

In this scenario, Bitcoin represents the “overall market”. These crypto mining stocks have all exhibited a beta greater than 1.0. This implies they offer additional upside or downside than trading Bitcoin alone.

Therefore, public crypto mining stocks are offering an exciting option for investors looking for Bitcoin price exposure in 2023. 

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