In approximately three days, the Bitcoin halving 2024 will occur, leaving only 2,375 Bitcoins to be mined before the next block reward reduction. Currently priced around $63,492, Bitcoin has been fluctuating near the lower boundary of its horizontal price range, which spans from $61,400 to $72,000.
The decline in Bitcoin’s price recently has affected the stock prices of crypto mining companies as well, due to worries about their profitability following the Bitcoin halving event.
Bitcoin Mining-Related Stocks Dips
In Q1, Bitcoin’s strong gains didn’t prevent Marathon Digital Holdings Inc (NASDAQ: MARA) from experiencing a significant decline – the stock dropped by more than 34% over the past month and was priced around $14.74 on Wednesday. Similarly, Riot Platforms Inc (NASDAQ: RIOT) saw a drop of over 47% year-to-date, with its stock trading around $8.14 at the time this report was written.
In the past month, CleanSpark Inc (NASDAQ: CLSK) saw a decrease of approximately 28%, leaving its shares priced around $14.75. Concurrently, Bitdeer Technologies Group Technologies Group (NASDAQ: BTDR) experienced a decline of nearly 35%, causing its stocks to be valued at approximately $5.55 on a recent trading day.
The stocks of Iris Energy Ltd, an Australia-based Bitcoin mining company listed on NASDAQ (symbol: IREN), and Bitfarms Ltd, a Canadian Bitcoin mining firm also traded on NASDAQ (BITF), have experienced significant declines this year. IREN’s stock price has fallen over 39%, currently hovering around $4.44. Meanwhile, BITF’s stock has dropped more than 41% YTD, with a current value of approximately $1.75 as of Wednesday.
Over the past month, the stock price of New York-based Cipher Mining Inc (NASDAQ: CIFR) dropped approximately 26%, leaving it at roughly $3.45 per share as of this report. Likewise, Bit Digital Inc (NASDAQ: BTBT) has experienced a significant decrease, with shares falling over 56% year-to-date and trading around $1.87 on Wednesday.
Unsubstantiated Post-Halving Fears
Based on Mitchell Askew’s perspective as a leading analyst at Blockware Solutions, the approaching Bitcoin halving is predicted to trigger a buying frenzy among investors. It’s important to note that the market appears poised for another potential decline due to the escalating Middle East crisis and the ongoing tension between Russia and Ukraine.
“According to Askew, the upcoming halving will serve as a buying opportunity for public Bitcoin miners and the private ASIC market.”
Following the trend, Askew anticipates a simultaneous rise in crypto-mining stocks and Bitcoin prices within the next few weeks. On the other hand, Hashlabs Mining’s founder and head mining strategist, Jaran Mellerud, suggested that certain US Bitcoin miners might broaden their horizons by expanding to foreign countries to take advantage of lower electricity expenses post-halving event.
Halving Price Action
Based on a report from Coinspeaker, the prices of Bitcoin and other cryptocurrencies have been influenced by the broader economic landscape, specifically the U.S. inflation situation. As per cryptocurrency analyst Michael van de Poppe’s assessment, Bitcoin’s price has reached a local peak and may stabilize within a range before resuming its bullish trend.
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2024-04-17 14:48