Mining Dashboard Summary 2/2/2024
Public mining stocks are struggling this year. The average 30-day performance is -25%, up from -45% last update. Of note, WoW stock prices are higher, so the miner complex might have bottomed. Northern Data continues to be the standout as the only share price higher over the last 30 days. Other takeaways are as follows.
Hash rate is up, difficulty is down. Miners are optimistic here.
Revenue is down, fees are down. This would put miners under stress going into the halving.
30-day Revenue declined slightly on a week-over-week (WoW) basis to $1.29 billion from $1.33 billion, and a month-over-month basis from $1.5 billion. This is a slower decline than last week.
Fee revenue has dropped by 65% in the last month, from $341,000 to $120,000.
The Mempool shrank slightly this week (482 from 491) and is in a slow process of shrinking.
High-priority fees are down dramatically to under $2.
The number of daily Inscriptions is up from 116,000 last week to 130,000 this week. A rise in price will likely lead to higher fees and inscriptions again in coming weeks.
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