Bitcoin mining stocks are outperforming tech stocks as BTC surges

Bitcoin mining stocks have outperformed stocks and technical indices so far this year, following an 80% gain in the underlying asset, BTC.

There has been a rebound in the performance of bitcoin mining stocks this year. Big moves for high-profile players follow a painful slump for many in 2022.

According to BTC mining expert Jaran Millrod, 20 of the leading mining companies in the industry have seen a doubling or more this year.

It has outperformed Bitcoin itself and outperformed major tech stocks.

On April 18, Mellerud published a summary of the best performance of the mining industry in 2023.

Bitcoin Mining stock year-to-date chart by index

Huge gains for bitcoin mining stocks

Core Scientific is the best performing Bitcoin miner so far in 2023, with a whopping 455% gain. The analyst explained the motives behind the big stock move.

“Its massive debt has given its equities a boost during the highest market environment only so far in 2023. Its cash flow relative to equities has been positively (but disproportionately) affected by improvements in mining economics.”

Furthermore, Digihost, Cipher, Riot, Iris Energy, and Marathon saw huge gains ranging between 237% and 378%.

Most of these companies have relatively low debt levels compared to equities and are less financially leveraged than Core Scientific, Mellerud pointed out.

“The outperformance of these stocks likely resulted from company-specific factors, as they all delivered strong monthly operating updates that beat expectations this quarter.”

Moreover, Bit Digital, Bitfarms, Cathedra, Hive Blockchain and Hut 8 have gained between 142% and 213% this year.

Significantly, the 20 miners have fared better than Bitcoin’s 80% rally since the start of the year.

The analyst predicted that if the price of BTC rose an additional 40% to $42,000 this year, “most mining stocks will rise more than 50% from today’s level, while the four to five biggest gainers will gain more than 150%.”

Tech stocks can’t compete

Comparatively speaking, according to MarketWatch, the high-tech NASDAQ 100 Index has only managed to gain 20% so far this year.

Nasdaq 100 NDX year-to-date chart by TradingView
Nasdaq 100 ndx chart since the beginning of the year TradingView

The world’s dominant search company, Alphabet, has seen a measly 17% gain in shares this year. Since New Year’s Eve, software giant Microsoft has only gained 20%.

Moreover, the world’s largest technology company Apple managed to achieve a 33% increase in stock prices in 2023.

Gold prices, often described as a store of value, are up just 9% this year.

Even Coinbase (COIN) stock has doubled in price since the beginning of the year. So, the cryptocurrency narrative is back with a bang in 2023, but is it sustainable for the rest of the year?


Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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