In 2023, mining stocks took the financial world by surprise, delivering returns that doubled those of Bitcoin. As the year progressed, numerous mining companies showcased impressive gains, eclipsing Bitcoin’s notable 84.61% ascent.
According to CoinGecko’s data, only Argo Blockchain and TeraWulf shares failed to deliver what was expected. The average return of the top eleven public mining companies for the year was 148.59%. This is almost twice the return of Bitcoin.
Two Leaders in the Industry: Marathon and Cipher
Marathon Digital Holdings and Cipher Mining were the prominent names among mining stocks this year. Marathon and Cipher Mining took the first two places with a gain of 120.67% and 356.00% since the beginning of the year. According to data, mining stocks have had a more volatile period than Bitcoin this year.
According to the news compiled by Decrypt, in the first half of the year, mining stocks, which differed positively from Bitcoin, often performed better during periods when BTC rose. However, while Bitcoin experienced a decline of approximately 10% in the third quarter, mining stocks responded to this decline by declining by 50%. This suggests investors are taking a higher risk in these stocks.