Survival of the fittest: Which public bitcoin miners are the best prepared to survive the bear market?
The public bitcoin miners are fighting to survive the ruthless bear market. The weakest will die, but the survivors will rise from the ashes stronger than ever. This article analyzes which miners are the best prepared for the fight.
Jun 26th 2022
Source: Investor relations resources, CoinMetrics
Chaos is unfolding in the crypto industry, as bitcoin's price drop has led to contagion effects that have caused the downfall of several overleveraged market participants, like Celsius and Three Arrows Capital. Many speculate that the weakest public bitcoin mining companies will suffer next.
Most bitcoin mining stocks have already plummeted more than 50% YTD, and some, like Stronghold and Terawulf, have seen almost 90% of their value shaved off. Still, things can get a lot worse as bitcoin mining companies keep feeling the pressure from four angles: