These Five Bitcoin Mining Stocks Outperformed BTC During February

Bitcoin mining has been on fire these weeks, some of which have outperformed the asset itself in the last month. On March 1, Bitcoin mining analyst Jallan Mellerud shared an update post regarding the stock performance of Bitcoin mining.

Launching information from tradingview.com, based on the findings of Jallan Mellerud revealed that there are about 20% of BTC Bitcoin mining shares ahead of asset acquisition during February. Since January 1, BTC has risen by about 42% and is now able to break through the price of $23,500. However, several other mining companies have seen greater profits within the company. Researchers noted that the Bitcoin mining sector found their headwinds in February after roaring during January. 

Advantages of Bitcoin Mining Stocks

The price of Bitcoin (BTC) ended in February around $23,000. 5 out of 25 BTC mining stocks analyzed were ahead of the asset in percentage gains during the month. Mellerud noted that he sees huge performance differences between individual stocks, with company-specific events being the drivers of price movements that are more important than usual. 

IREN or Iris energy is one of the best-performing Bitcoin miners during the month of February. IREN made a profit of 29%. The research found that most of the profits came from the middle of the month when the Aussie company announced the purchase of a mining rig worth 4.4 EH/s from Bitmain. In second place is CIFR or Cipher Mining with an increase of up to 27% during February. Texas mining companies saw huge gains at the start of the month after a positive expansion update during January. Sphere 3D Corp, CBIT, and SDIG also outperformed BTC in February with gains of 7-11%. However, many large industry players such as RIOT, MARA, HUT, and GREE dropped their shares during February. 

Bitcoin Mining Prospects

The hash rate of the Bitcoin network is close to the peak of a good level for security, but not too much for miners who are competing in the next block. The average network hash rate for now is 327 EH/s (exahash per second). This data peaked at the end of February when new machines found their way online to secure the network. The difficulty of the network is also above the peak of 43 T, thus making competition between miners high. The current mining profitability price is $0.07 per terahash per day. The data has increased by 18.6% since the beginning of the year, but fell by almost 80% at the end of 2021.

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