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Ripe for the squeeze? Bitcoin mining stocks remain under attack from short sellers

Published 05/25/2023, 01:05 PM
Updated 05/25/2023, 02:40 PM
© Reuters

Driven by heightened demand for Bitcoin (BTC) blockspace, fueled by Ordinals inscriptions and the PEPE-fueled BRC-20 memecoin mania, miners have become direct beneficiaries of a sudden boom in transaction fees which has been increasing their bottom lines.

This surge has resulted in an unprecedented increase in the average number of transactions, and consequently revenue per BTC block mined.

Bitcoin average fee paid per block. Source: Glassnode
Daily Revenue of Bitcoin Miners. Source: CoinMetrics
RIOT and MARA price charts. Source: TradingView
Year-to-date returns of RIOT, MARA, and BTC. Source: TradingView
Marathon Digital Holdings short interest data. Source: fintel.io
Riot Platforms short interest data. Source: fintel.io
MARA price chart. Source: TradingView
RIOT price chart. Source: TradingView

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