Monday Mining Metrics: "Be Greedy When Others Are Fearful"
Bitcoin Mining Update - 9/16/2024
Hashprice Holds Steady at $0.04
After the combined forces of the latest upward difficulty adjustment and the BTC price drop, Hashprice has been pushed back down to ~$0.04/Th/Day.
The silver lining for miners is that this appears to be a solid floor/support level. Miners that can remain profitable with Hashprice here are positioned extremely well for the coming bull market.
Bitcoin Mining Stock ETF ($WGMI)
The price action in public mining stocks over the past twelve months has reflected a market that is emotional, somewhat irrational, and indicative of typical market psychologically. For example, this market has overreacted to both good and bad news.
Upon ETF approval there was a massive pump. Leading up to the halving the mining stocks tanked as investors were fearful of post-halving economics. Once the halving actually took place, the mining stocks ripped again as investors realized it wasn’t actually Armageddon for the public miners (they have low-cost power & efficient machines). Now, the mining stocks have come crashing back down as BTC has trekked sideways this summer.
However, throughout the past ~2 years, $WGMI has consistently made higher lows, and this time is no different. The fearful sentiment of the broader market has created a great opportunity for rational investors to deploy capital into the Bitcoin mining ecosystem.
As discussed in our latest report, “Analyzing the Relationship of Bitcoin Price & Hashrate”, the current point in the cycle has historically been the best time for capital deployment. Many of the trends analyzed in this report are already playing out in the current cycle, most notably is slowing hashrate growth. To date, hashrate is up a mere ~4% since the halving.
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