The majority of the major cryptocurrencies this year have underperformed shares in companies in the crypto industry. Core Scientific (CORZ), the largest bitcoin miner, increased by 1,140% to $0.87 per share.
The nearly 600% year-to-date gain of Bitcoin also helped Cypher Mining (CFIR).
Iris Power (IREN) and TeraWulf (WULF) have seen increases of 384% and 466%, respectively. In Could, TeraWulf (WULF) opened the country’s first nuclear-powered bitcoin mining operation.
Additionally, the value of shares of cryptocurrency exchange Coinbase (COIN), which increased from $35 to $101 this year, has tripled. That is a third of its positives from the prior year, but it is still down 70% from its direct itemizing in April 2021.
Without Core Scientific, a trader who placed an identical bet on the top bitcoin mining shares at the beginning of the year would have seen its shares increase by around 250%.
While this is going on, the typical net return for a comparable investor over the same time period in the top 50 cryptocurrencies by market capitalization is roughly 49%.
Despite dipping below $30,000 this week, the price of bitcoin will still be up 80% in 2023.