Bitcoin Mining Stocks Are Getting Slammed. It Could Be Time to Buy.

Barron's2021-12-10

Investors are punishing Bitcoinmining stocks as prices for the cryptocurrency continue to slide. Bitcoin was trading down 4% on Thursday, at $48,300, and is down 14% over the past seven days. The ...

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精彩评论

Bonds
2021-12-13
Bonds
Gone case
TripleWin
2021-12-10
TripleWin
[Like]
- TripleWin:
  [Like]
skyel
2021-12-10
skyel
Agree
GeorgeOr
2021-12-10
GeorgeOr
Nice
SamuelNg
2021-12-10
SamuelNg
clampdown
Kaden0204
2021-12-10
Kaden0204
Wait for it to drop further and buy
- Ivanami:
  [OK]
- Aoyjai:
  Nimble, nimble, keep ourselves in the game, whatever happens.

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It Could Be Time to Buy.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-10 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/bitcoin-price-mining-stocks-buy-51639081798?mod=hp_DAY_0><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors are punishing Bitcoinmining stocks as prices for the cryptocurrency continue to slide. Bitcoin was trading down 4% on Thursday, at $48,300, and is down 14% over the past seven days.\n\nThe ...</p>\n\n<a href=\"https://www.barrons.com/articles/bitcoin-price-mining-stocks-buy-51639081798?mod=hp_DAY_0\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RIOT","symbol_name":"Riot Platforms","start_time":0,"source_url":"https://www.barrons.com/articles/bitcoin-price-mining-stocks-buy-51639081798?mod=hp_DAY_0","article_id":"1145658454","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1145658454","pubTimestamp":1639095942,"columns":[],"sourceInfo":{"source_id":"lsy1610680873436","name":"Barron's"},"weMediaInfo":null,"summary":"Investors are punishing Bitcoinmining stocks as prices for the cryptocurrency continue to slide. Bit","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RIOT":"Riot Platforms","MARA":"MARA Holdings","SDIG":"Stronghold Digital Mining, Inc"},"translate_title":"比特币矿业股受到猛烈抨击。可能是时候买了。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MARA":0.9,"RIOT":0.9,"SDIG":0.9},"content_text":"Investors are punishing Bitcoinmining stocks as prices for the cryptocurrency continue to slide. Bitcoin was trading down 4% on Thursday, at $48,300, and is down 14% over the past seven days.\n\nThe decline in Bitcoin is dragging down the broader crypto sector, hitting miners particularly hard. Marathon Digital Holdings(ticker: MARA), one of the largest miners, was off 11.5% on Thursday, at $41.28. Riot Blockchain(RIOT) was off 9.4%, at $26.58, while Stronghold Digital Mining(SDIG) was down 6.9%, at $16.97.\n\n\nOther factors are also pressuring crypto, including malaise in the broader tech sector as investors factor in new risks, including the spread of the Omicron coronavirus variant and tighter monetary policies from the Federal Reserve.\n\nMiners essentially process transactions on the blockchain, earning or “minting” Bitcoin in return for each block they successfully validate.\n\nBarron’s recently wrote favorably about the sector, arguing the stocks looked like inexpensive bets on the crypto. The stocks have been weak as Bitcoin prices slid, reducing the value of mined coins.\n\nThe stocks have also come under pressure because it’s getting tougher to mine, or produce, Bitcoins, reducing the number and value of coins per miner. Mining difficulty resets every 2,016 blocks, roughly every two weeks, ensuring that 144 blocks are mined daily, producing 6.25 Bitcoins a day. The difficulty has been climbing since July and has taken several steps up since October.\n\nThe next reset is scheduled for Dec. 11. It could increase the difficulty rate by 6%, estimates D.A. Davidson analyst Christopher Brendler. That may make it harder for miners to meet Wall Street’s targets for coins produced in the quarter.\n\nIndeed, some miners appear to be running well behind targets. Marathon mined 418 Bitcoins in October and 196 last month, for instance. To meet Brendler’s fourth-quarter forecast, the company would need to mine 1,112 coins in December, more than tripling production.\n\nMarathon is adding mining machines and expects to ramp up production sharply next year at new facilities in Texas. But Brendler doesn’t expect the company to produce more than 1,100 coins in December.\n\nRiot Blockchain, for its part, would have to mine 391 Bitcoins in December to meet Brendler’s fourth-quarter estimates, compared with 464 coins mined in October. Hut8 Mining (HUT), a Canadian miner, would have to mine 606 coins in December, more than double its November haul of 265 coins.\n\n\n“With mining difficulty going up, we’ll see pressure on December numbers,” says Brendler.\n\nThe price declines may represent a buying opportunity, though. Most miners can be quite profitable with Bitcoin at $50,000. The network’s hash rate, or computing power devoted to mining, typically declines a bit as prices weaken. The hash rate has been rising for months, but sustained weakness in Bitcoin prices could slow its growth.\n\nAnother positive take, says Brendler, is that leverage may be washing out of Bitcoin as prices correct. Tougher tax rules on crypto are also coming, and traders may be liquidating positions ahead of new reporting requirements expected to take effect in 2022.\n\n“With such strong underlying fundamentals, especially against the prospects for a sustained pandemic, we’re bullish on BTC here,” Brendler wrote in a note this week, referring to Bitcoin. “However, at current valuations, we see a materially better risk/reward in our mining stocks as there should be more upside in a BTC recovery.”\n\nHe maintained Buy ratings on Riot, Marathon, Hut 8, Stronghold, Power & Digital Infrastructure(XPDI), and Argo Blockchain(ARBK).\n\nGranted, the stocks are still bets on Bitcoin and crypto more broadly. And sentiment will need to turn for the stocks to recover.\n\n“We’ve had a tremendous run in the group over the last year, and that’s creating a moment of friction in the stocks,” says Devin Ryan, an analyst with JMP Securities.\n\nValuations for the miners are looking more attractive. 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for it to drop further and buy","listText":"Wait for it to drop further and buy","text":"Wait for it to drop further and 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