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With regards to the performance of publicly traded miners, we are considering their performance because the start of 2020 in both USD and BTC terms.
RIOT, MARA, BITF, and HUT will undoubtedly be examined specifically.
Because the start of 2020, these four companies have outpaced the performance of bitcoin, and there is a few key explanations why. Namely, publicly-traded equities tend to be valued utilizing a multiple of these current earnings/cash flows.
Towards the final quarter of 2020, miner hash price began to explode, and therefore the revenue and subsequently public miner market capitalizations followed. Hash price is quantified by dividing hash rate by miner revenue (dollar per terahash specifically).
Because the hash price bottomed in October of 2020, miners have outperformed BTC by way of a wide margin, because of hash price increasing by around 400% at that time period.
What you ought to gather from evaluating the performance of publicly-traded miners against bitcoin itself is that because of the capital structure of these business and the valuations within equity markets, miners can and likely will outperform bitcoin over periods when hash price rises significantly.
However, on the longterm the revenue in bitcoin terms for each and every mining company is guaranteed to diminish in bitcoin terms, and because of the excessively large earnings multiples that companies currently trade with in equities markets in a zero interest world, even bitcoin mining equities trend to zero as time passes in bitcoin terms (once more, because of the equity multiples assigned in a zero interest fiat-denominated world).
Bitcoin-denominated hash price is programmatically trending towards zero as hash rate rises so when issuance declines with each subsequent halving.