Public Miner Equities Versus Bitcoin As for most risk-on assets, including bitcoin and public bitcoin mining equities, the drawdowns from all-time highs have been substantial. As bitcoin has fallen 41.20% from its November all-time high, the entire bitcoin mining industry has performed much worse, facing an average drawdown of 64.10%. Public bitcoin miner stocks have acted as additional investment vehicles for indirect bitcoin exposure with opportunity for outperforming bitcoin over the last few years — at least until the market shifted in November 2021.
Tour de force... thanks! Would be interesting to see data around the growing institutionalization of the mining space over time - not sure if there is time series data showing % of overall hash that is coming from the publicly traded miners. Separately, I would assume marginal, public hash rate growth will be impacted by the cost of capital moving higher. For those that follow the public miners more closely, have company management teams been talking about this?