{"id":318416,"date":"2023-06-04T22:00:09","date_gmt":"2023-06-04T16:30:09","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=318416"},"modified":"2023-06-05T10:20:33","modified_gmt":"2023-06-05T04:50:33","slug":"why-bitcoin-miners-gloomy-season-is-over","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoin-miners-gloomy-season-is-over\/","title":{"rendered":"Why Bitcoin miners&#8217; gloomy season is over"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Two stocks of certain Bitcoin mining firms are outperforming BTC.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">While it\u2019s not jubilation season for miners, short-term holders remain enthusiastic about the coin price.<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> miners might have faced a challenging period, as several factors, including regulatory crackdowns and concerns over environmental impact, have created a long season of distress for the industry.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are indications that this murky period may be near its end, with some mining stocks showing signs of strength and resilience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to IntoTheBlock, stock prices of the Mathent Patent Group and Riot Blockchain have outperformed BTC on a Year-To-Date (YTD) basis.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2023 is off to a roaring start for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mining! Riot Blockchain and Marathon Patent Group, two of the largest public mining stocks have significantly outpaced Bitcoin returns this year. <a href=\"https:\/\/t.co\/QsvVXhleOp\">pic.twitter.com\/QsvVXhleOp<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1665055832126414852?ref_src=twsrc%5Etfw\">June 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><b>Now higher than BTC<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As of 1 June, Bitcoin&#8217;s <\/span><a href=\"http:\/\/ambcrypto.com\/why-bitcoin-will-not-retest-20000-anytime-soon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">performance<\/span><\/a><span style=\"font-weight: 400;\"> rose 64.57%. Riot recorded a 253.98% increase while Mathent\u2019s stock value increased by 186.26%. Consequently, this has pegged BTC back as the best-performing digital asset of the year \u2014 a title it once held.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One reason for this turnaround is the increased <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-miners-rejoice-amidst-rising-fortunes-and-declining-taxes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">revenue and fees<\/span><\/a><span style=\"font-weight: 400;\"> that miners have recorded recently. This could be connected to the adoption of Bitcoin Ordinals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Surely, the rise of <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-ordinals-reaches-milestone-with-brc-20-but\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BRC-20 tokens<\/span><\/a><span style=\"font-weight: 400;\"> also had its impact since the number of transactions and minting on the Bitcoin blockchain also increased. It is noteworthy to mention that the factors highlighted above were not the only ones that have boosted the mining sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rather, some of the mining firms have also taken steps to address the environmental concerns associated with the activity. This has resulted in the adoption of greener and more sustainable practices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not only does this help mitigate the negative environmental impact, but it also improves the public perception of the industry.<\/span><\/p>\n<h3><b>Security and the loophole signs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Interestingly, Glassnode data showed that the <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Miners&amp;m=fees.FeeRatioMultiple\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Fee Ratio Multiple (FRM)<\/span><\/a><span style=\"font-weight: 400;\"> had decreased to 19.38. The FRM, calculated as the ratio of the total revenue and transaction fees, serves as a measure of the blockchain\u2019s security when blocks disappear.<\/span><\/p>\n<figure id=\"attachment_318421\" aria-describedby=\"caption-attachment-318421\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm.png\"><img decoding=\"async\" class=\"size-full wp-image-318421\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm.png\" alt=\"Bitcoin fee ratio multiple\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-fee-ratio-multiple-frm-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-318421\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Since Bitcoin\u2019s FRM was low, it means that the asset could maintain its security budget via miners\u2019 revenue without depending on inflationary subsidy. Conversely, if the FRM was high, then miners would require block rewards subsidies to maintain revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, indications from the <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Miners&amp;m=indicators.HashRibbon\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hash ribbon<\/span><\/a><span style=\"font-weight: 400;\"> revealed that the worst was not yet over for miners. The metric uses the 30-day Moving Average (MA) to measure miners\u2019 capitulation and identity buying opportunities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the hash ribbon switched from light red to dark red, then capitation could be considered over. But as of this writing, it was not yet there.\u00a0<\/span><\/p>\n<figure id=\"attachment_318419\" aria-describedby=\"caption-attachment-318419\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1.png\"><img decoding=\"async\" class=\"size-full wp-image-318419\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1.png\" alt=\"Bitcoin hash ribbon\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-hash-ribbon-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-318419\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h3><b>Short-term holders yearning for more have a chance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Meanwhile, the same metric indicated that Bitcoin may have offered a good <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-outshines-these-commodity-assets-is-2023-the-year-of-btc\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">buying opportunity<\/span><\/a><span style=\"font-weight: 400;\">. This was because the hash ribbon had entered the white-colored zone, indicating a price momentum switch from positive to negative.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Additionally, short-term holders still yearned for a BTC uptick despite its recent decline from its Q1 performance. According to Crazzyblockk\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/647b4e28a6f3c7291edb8c1a-Short-term-holders-still-hungry-for-profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoQuant publication<\/span><\/a><span style=\"font-weight: 400;\">, the equilibrium level of the Spent Output Profit Ratio (SOPR) suggested the conclusion mentioned above.<\/span><\/p>\n<figure id=\"attachment_318418\" aria-describedby=\"caption-attachment-318418\" style=\"width: 1290px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-04-at-09.33.14.png\"><img decoding=\"async\" class=\"size-full wp-image-318418\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-04-at-09.33.14.png\" alt=\"Bitcoin short term holders SOPR\" width=\"1290\" height=\"798\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-04-at-09.33.14.png 1290w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-04-at-09.33.14-300x186.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-04-at-09.33.14-1024x633.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-04-at-09.33.14-768x475.png 768w\" sizes=\"(max-width: 1290px) 100vw, 1290px\" \/><\/a><figcaption id=\"caption-attachment-318418\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Used as an indicator of macro market sentiment, the SOPR reflects the degree of realized profit and losses moved on-chain. The analyst noted,<\/span><\/p>\n<blockquote><p>\u201cThese holders have shown a desire to be profitable and remain in the market, and the &#8216;equilibrium level&#8217; of SOPR data has recovered and improved every time it approaches and moves below the number 1 level, and we can say that these players still have interest and hope for price growth.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The king coin has lost its place as the top-performing digital asset of the year. However, the overtakers are linked to the mining sector. Does this mean miners&#8217; challenges are over?<\/p>\n","protected":false},"author":72,"featured_media":318417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-318416","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Bitcoin miners&#039; gloomy season is over - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin [BTC] miners might have faced a challenging period, as several factors, including regulatory crackdowns and concerns\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/why-bitcoin-miners-gloomy-season-is-over\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Bitcoin miners&#039; gloomy season is over - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The king coin has lost its place as the top-performing digital asset of the year. 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