The year 2023 marked a time of great success for stocks of companies engaged in #Bitcoin mining, which climbed to the top of the performance charts on Wall Street. Four mining companies achieved remarkable success, surpassing giants like Apple and Amazon, thus becoming members of the elite top ten stocks of the year.

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Apple, despite launching its Vision Pro headset in June, saw a 55% increase in stock value, while Amazon's shares jumped 79% thanks to the success of their AI division, AWS.

However, even these top technology stocks did not make it into the top ten in annual yields for 2023. The honor went to stocks in the field of Bitcoin mining, with four such companies placing at the top.

 Bitcoin Mining: A New Phenomenon on Wall Street

Interestingly, the interest in #cryptocurrencies among mainstream investors continues to grow. This trend is confirmed by the performance of four mining companies, which placed as follows:

 ·      Cipher Mining (CIFR) finished in third place with a 1,042% increase over the last 12 months.

·      Marathon Digital (MARA) occupied the fourth position with a 783% ROI.

·      CleanSpark (CLSK) climbed to seventh place with a 590% increase.

·      Riot Blockchain (RIOT) achieved tenth place with an annual gain of 430%.

 These companies even surpassed the annual gains of Bitcoin itself by 157%, suggesting that traditional investors are looking for regulated and safe ways to gain exposure to cryptocurrencies.

 According to Michael Novogratz, CEO of Galaxy Digital, crypto stocks are traded with almost manic interest.

 Factors Supporting the Growth of Bitcoin Mining Stocks in 2023

The success of Bitcoin mining stocks can be attributed to the rise in Bitcoin prices over the year. With the next "bull run" approaching due to the halving of newly mined Bitcoins and the expected approval of #BitcoinETF proposals by the SEC, Bitcoin prices seem set to continue rising.

 Other factors contributing to the price gains included an increase in transaction fees and heightened interest in projects like Ordinals, which strain the Bitcoin network.

 Developmental successes and increased hash rate capacity of mining companies also attracted investor attention. For instance, Cipher Mining achieved a hash rate of 7.2 exahashes per second with a new facility in Texas, which was positively reflected in their financial statements.

 With higher profits from Bitcoin block rewards and mining fees, along with additional capital inflow from Wall Street, these companies might continue investing in modern ASIC mining machines to remain competitive in the upcoming hash rate races.

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 Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“