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Surging Bitcoin Mining Stocks Outperform Tech-Heavy Shares in 2023: Report

As bitcoin miners begin to recover from last year’s downturn, mining-related stocks are seeing a resurgence in the market, outpacing both bitcoin and top tech stocks. The HI Crypto Mining Stock Index has risen 115% in 2021, while bitcoin has gained 80% and the tech-heavy NASDAQ 100 Index has risen 20%. Core Scientific has emerged as 2021’s best-performing bitcoin mining firm, despite filing for bankruptcy last year. Its stocks have gained 455%, thanks to a boost in equity from its massive debt, which has been positively affected by mining economics. Other leading firms that have performed well include Digihost, Cipher, Riot, Iris Energy, and Marathon, which all have relatively low debt levels. If the bitcoin market cycle repeats that of the 2019 mini bull cycle, which saw bitcoin rocket by 260% from bottom to top, the cryptocurrency could top out at $42,000, boosting the prospects of bitcoin mining stocks.

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