Mining Dashboard Summary 1/26/2024
After a monster year in 2023 for public mining stocks (+200%), 2024 is starting out with an epic crash. The average 30-day performance is -45%. The last miner remaining positive over the last 30 days is Northern Data. The Bitcoin spot ETFs have taken a lot of exposure demand from them. It will turn around, but we still expect 2024 to be a story about the asset itself, and less so about miners.
30-day Revenue declined on a week-over-week (WoW) basis to $1.33 billion from $1.41 billion, and a month-over-month basis from $1.47 billion — led by a dramatic drop in fees, measured in bitcoin and dollar terms. The Puell Multiple reversed from consolidation to swing bullishly higher this week, in a strong turn around. The Puell Multiple measures daily miner revenue versus. the 365-day moving average for miner revenue. This is the first sign of a bullish reversal in weeks. Bitcoin sent by miners to exchanges also fell significantly, decreasing 11% in the last 30 days. A decreased flow from miners coinciding with slowing GBTC outflows is quite bullish.
The Mempool shrank for the first time in months as well. Down to 491MB from 551MB last week, but rose on a 30-day basis from 374MB. The number of daily Inscriptions continued its downward trend, down to 116,000 from 149,000 last week, and 274,000 30 days ago. A rise in price will likely lead to higher fees and inscriptions again in coming weeks.
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