Bitcoin prices must break $100,000 for crypto miners to stay profitable
A Seeking Alpha analysis reveals that Bitcoin prices must not only more than triple to $100,000 but should be sustained above this level for miners to remain profitable in 2024 and beyond. Considering what lies ahead, mining farms, especially those whose shares are listed on bourses in the United States, including Riot and Marathon, are at a critical juncture. There could be a shake-up unless there are changes in hash rate, difficulty, or electricity costs in light of scarce BTC. Uniquely in 2023, Bitcoin mining stocks have been superior. While Bitcoin’s volatility has been tapering and prices pinned below $31,800 registered in late H1 2023, stocks of Riot, Marathon Digital, and other popular mining farms have more than doubled in the last few months. You might also like: Marathon mined 21% less bitcoin in June partly due to bad weather in Texas Usually, the performance of crypto mining stocks is closely linked to the performance of Bitcoin in the secondary market. ...