Bitcoin Miners Are Investing Heavily Ahead Of Halving And ETF Approval

Bitcoin Miners Are Investing Heavily Ahead Of Halving And ETF Approval

By Coins Reporter | Coinsreporter | 24 Dec 2023


Over the past few months Bitcoin mining firms including Riot Blockchain and Marathon Digital Holdings have been investing on a large scale to bolster their infrastructure. It seems that these firms are looking ahead to what promises to be a brighter year for Bitcoin ahead. Two major events are on the horizon and the mining giants, it seems, don't want to leave a stone unturned on their behalf.  

December hasn't been an all green only for crypto markets, it has also taken the shares of Bitcoin mining firms to new highs. Top companies like Riot, Marathon, Cipher, Bitfarms and others have gained in access of 100% in 2023. All of this indicates that the bull run won't only incubate crypto this time, but it will also take mining industry to the next level. 

Bitcoin Mining Companies Stocks a comparison for Riot vs Marathon Digital

On Dec 19, Marathon Digital announced that it had purchased two new mining sites worth nearly $180 millions. Earlier this month, it was reported that Riot Blockchain has bought an additional 66560 Bitcoin mining rigs from MicroBt. In addition to these Cipher Mining ordered 37396 T21 Antminers from Bitmain and Bitfarms secured $44 million from institutions in the U.S. 

There are many more crucial investments in Bitcoin mining accross the industry if we just go back a little further. To add them all, it is almost $600 million in 2023. This becomes even more important as the mining industry had never before invested this much in a year. This data is only inclusive of top tiered mining companies and if we consider new entrants this may well go past $1 Billion in 2023. 

This investing is in deep connection to the sentiments behind an ever nearing Spot Bitcoin ETF approval. Many enthusiasts are eying on the biggest rally of all time and assuming that a whole new floodgate of institutional money will flood into crypto. 

Supporters of Bitcoin are also setting their goals as the halving is hardly 4 months away from now on. Their support isn't a fool's play as everytime right before or after the halving, Bitcoin has had skyrocketed three times previously.

All in all, Bitcoin mining firms accross the globe are preparing for the bull run and seem ready for a resurgence. The question is, however, are you ready with your portfolios and investment decisions? Have you made your choices, lest the bull run is over. So be prepared in time, DYOR and invest in your favourite coins. My favourite is Bitcoin and I have my reasons but if you have another one, that's cool. I do have almost 20 different coins in my portfolio alongwith stocks of a dozen companies including Riot and Marathon.

 

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Coins Reporter
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Once a Bitcoiner and forever will be. Love to share my views even if they are unbelievable.


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