Former Bloomberg analyst: The hash rate of listed miners exceeds 30%, and large miners MARA is growing very fast
Former Bloomberg information analyst Jamie Coutts CMT released an analysis of Bitcoin miners and BTC. Jamie Coutts stated that:
Value proposition: A short 7-year history shows that Bitcoin miners have consistently lost money compared to BTC. In addition to their amplified cyclicity, they also have a high degree of shareholder dilution.
Halving: Miners fell 50% in the 6 months after the halving in 2020. This was followed by an explosive 150% excess return, lasting for 3 months until March 2021.
Industry consolidation: The ratio chart of market capitalization and equal-weighted index shows a bias towards large companies. The hash rate of listed mining companies exceeds 30%, and large mining company MARA is growing very fast.
Bitcoin miners are good trading tools but have poor value storage capabilities. As large mining companies take on more hash values and industry consolidation, the situation may change. However, in the long run, this is worrying. We hope that more small-scale and national countries will recognize emerging markets to help offset this.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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