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Report explores discrepancies in different Bitcoin mining companies’ performances
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The exodus of Bitcoin miners from China to USA is generally hailed as a success. But this may be oversimplifying the real picture. A report by Arcane Research which compared mining stocks to Bitcoin revealed that extreme discrepancies can take place even across different mining companies.
The mining company Bit Digital has seen a drop of 56% in its share price, setting it far below both the mining index and Bitcoin. In fact, Arcane Research’s report put forward a reason for what it called the company’s “terrible year.” It suggested,
“The company has spent most of 2021 relocating its operations from China to North America. Their poor performance in 2021 is a reminder that moving a mining operation is extremely costly.”
While many Bitcoin
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