bullish
Digital Gold Rush
SUMMARY
- With cryptocurrency prices skyrocketing over 10x since 2020, a host of mining companies, including PrimeBlock, Core Scientific, BitFuFu, Bitdeer, Griid, and Cipher Mining, have either announced or made their public market debuts through SPAC mergers.
- Surging crypto prices, combined with a shortage of ASIC miners (cryptocurrency mining equipment), meant that investors chose to pursue publicly traded mining stocks as an alternative to pursuing the profitable opportunity.
- However, several factors could dampen the interest in crypto mining companies going forward, including fears of extended crypto winter, heightened regulatory scrutiny regarding mining practices, and deteriorating sales & margins.
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