Bitcoin Miner Beat Blue Chips In Trading Volumes On Heels Of Expected ETF Approval And Halving, Experts Optimistic [Bitcoin miner](http://www.benzinga.com/topic/bitcoin-mining) stocks have witnessed a significant rally in trading volumes compared to blue-chip stocks on the exchange amidst the rise in traders’ interest in Bitcoin. What Happened: Based on data, Bitcoin miners such as Marathon Digital Holdings Inc [MARA](/symbols/NASDAQ-MARA/) reported a trading volume of 98 million at the time of writing compared to 81.3 million of Tesla Inc [TSLA](/symbols/NASDAQ-TSLA/), Apple Inc [AAPL](/symbols/NASDAQ-AAPL/) at 19.9 million and Nio Inc – ADR [NIO](/symbols/NYSE-NIO/) with 71.5 million. Amazon.com, Inc. [AMZN](/symbols/NASDAQ-AMZN/), Meta Platforms Inc. [META](/symbols/NASDAQ-META/) and Palantir Technologies [PLTR](/symbols/NYSE-PLTR/) reported 16.5 million, 7.2 million, and 28.1 million, respectively. Among the other Bitcoin miners, TerraWulf Inc [WULF](/symbols/NASDAQ-WULF/) reported 49.4 million, Riot Platforms Inc [RIOT](/symbols/NASDAQ-RIOT/) stood at 36.7 million followed by Bitfarms Ltd [BITF](/symbols/NASDAQ-BITF/) at 29.5 million, CleanSpark Inc [CLSK](/symbols/NASDAQ-CLSK/) at 20.2 million and Bit Digital Inc [BTBT](/symbols/NASDAQ-BTBT/) at 18.6 million. Mike Alfred, an engaged value investor, took to X and said, “Heavy algo activity after hours in the select group of miners I watch outside regular market hours. Every time I’ve seen this recently, it’s had a perfect record calling a big move up the following day. The big squeeze is already on but we may see even more participation tomorrow” Bitcoin mining companies are looking to expand operations on the heels of a likely [spot Bitcoin ETF approval](http://www.benzinga.com/markets/cryptocurrency/23/12/36287366/will-spot-bitcoin-etf-approval-be-a-boon-or-bane-heres-what-industry-experts-say) and the scheduled [Bitcoin halving event](http://www.benzinga.com/markets/cryptocurrency/23/11/35924310/exclusive-bitcoin-halving-looms-miners-strategize-to-weather-the-storm) in April 2024. Why It Matters: Marathon Digital announced purchasing new mining sites for $178.6 million adding 390 MW capacity. This will reduce the cost per coin mined by around 30%. TerraWulf today reported a fully funded 7.9 EH/s expansion, increasing self-mining capacity by 58%. It also highlighted future expansion plans which are likely to bring total operational capacity to ~10 EH/s. Bit Digital announced to target the doubling of its operating fleet in its Bitcoin mining operations, to around 6.0 EH/s, during 2024. Bitfarms is expected to receive delivery of 35,888 Bitmain T21 miners in 1H24. It has the option to acquire an additional 28,000 Bitmain T21 miners. These expansions could take the company’s operational capacity to 17 EH/s during 2H24. Based on data from Blockchain.com, Bitcoin miners’ revenue as of Dec. 28 stood at $46.8 million, the highest in 2023. The revenue has not reached that level since March 2022. Crypto quant trader Charles Edwards went on X on Dec. 27, writing, “Bitcoin miners are absolutely printing. With Miner Price at $64K, they are making 50% extra on top of the Bitcoin price.” Another user, cycle forecaster and chartist MortensenBach said, “Bears keep telling me that the miners won’t reach ATH due to share dilution. Let me tell you, when Bitcoin is trading at 100,000-150,000, many of the miners will definitely be at ATH. As an example; In the last bull run $MARA gained 2,500% in 4.5 months from Nov 2020 to March 2021!” Read Next: Tired Of Shady Stablecoins? TUSD Hopes To Shine Through With Daily Audits Photo: Shutterstock © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
