The king coin has lost its place as the top-performing digital asset of the year. However, the overtakers are linked to the mining sector. Does this mean miners’ challenges are over?
✓Two stocks of certain Bitcoin mining firms are outperforming BTC.
✓While it’s not jubilation season for miners, short-term holders remain enthusiastic about the coin price.
Bitcoin [BTC] miners might have faced a challenging period, as several factors, including regulatory crackdowns and concerns over environmental impact, have created a long season of distress for the industry.
However there are indications that this murky period may be near its end, with some mining stocks showing signs of strength and resilience.
Now higher than BTC
As of 1 June, Bitcoin’s performance rose 64.57%. Riot recorded a 253.98% increase while Mathent’s stock value increased by 186.26%. Consequently, this has pegged BTC back as the best-performing digital asset of the year — a title it once held.
One reason for this turnaround is the increased revenue and fees that miners have recorded recently. This could be connected to the adoption of Bitcoin Ordinals.
Surely, the rise of BRC-20 tokens also had its impact since the number of transactions and minting on the Bitcoin blockchain also increased. It is noteworthy to mention that the factors highlighted above were not the only ones that have boosted the mining sector.
Rather, some of the mining firms have also taken steps to address the environmental concerns associated with the activity. This has resulted in the adoption of greener and more sustainable practices.
Not only does this help mitigate the negative environmental impact, but it also improves the public perception of the industry
