The hash rate of listed miners exceeds 30%, and the large miner MARA is growing very fast
Brothers, this actually shows that the miners in the United States are very optimistic about the price trend of Bitcoin in the past two years, so what else can I be pessimistic about?
Value exploration in the mining field: Only 7 years of history reveals that Bitcoin miners face continuous losses. This loss is not only affected by cyclical factors, but also exacerbated by its highly diluted shareholder structure.
The mystery of the halving: After the halving in 2020, miners experienced a brief 50% drop, followed by an explosive excess return of 150%, which lasted for 3 months until March 2021.
Industry convergence emerges: The comparison of market capitalization and equal-weighted indexes shows a preference for large companies. The hash rate of listed mining companies exceeds 30%, and large mining companies such as MARA are growing rapidly.
Bitcoin miners: excellent trading tools, but limited ability to store value. As large mining companies take on more hashrate and the industry consolidates, the market may change. However, from a long-term perspective, this development raises some concerns. We expect to see more small-scale businesses and state support for emerging markets to offset this trend.
