Mining Dashboard Summary 1/19/2024
The performance of public miner stocks has been almost universally negative to start 2024, with an average 30-day performance of -3.68%. There were a few standouts, like Mawson (MIGI) still up by 95% in the last 30 days. The launch of the Bitcoin spot ETFs will provide competition to miners for investment from people looking for exposure to bitcoin. Therefore, the underlying asset should outperform miners this year.
General Miner Activity saw hash rate decline 4% in the last 30 days, along with hash price, but surprisingly Difficulty in that same period rose 8%. 30-day Revenue declined week-over-week (WoW) to $1.41 billion from $1.52 billion, but is still up on a 30-day basis. Fees fell for the first time in months, both on a weekly and monthly basis. Down 25% WoW, $237 million currently from $320 million last week, and $260 million 30 days ago. The Puell Multiple dropping confirms we are in a price consolidation period, but it didn’t reach levels prior to this dip to indicate a cycle top.
The Mempool increase has slowed, rising only 28 MB WoW to 551 MB, however, fees have come down significantly. The number of daily Inscriptions did experience a jump over the last week, but as of yesterday was back down to the level it has been for the last three weeks, 149,000.
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