Marathon, Riot among most overvalued Bitcoin mining stocks: Report
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Bitcoin (
Not every mining analyst believes Bitcoin mining stocks will continue to rise.
Cubic Analytics founder Caleb Franzen noted Bitcoin already reached its year-to-date peak price, while the top mining stocks are still over 75% off year-to-date price highs.
Franzen considered whether Bitcoin mining firms will soon need to become twice as productive in light of the upcoming Bitcoin halving event.
“If block rewards are cut in half, the price of BTC would need to double post-halving in order for their business to be just as sustainable as it was pre-halving.”
Marathon has the largest Bitcoin holdings among mining companies with 13,726 BTC, worth $486.1 million. Hut 8, Riot and CleanSpark follow with respective holdings of 9,366 BTC, 7,309 BTC and 2,240 BTC.
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