{"id":514237,"date":"2022-12-30T11:00:29","date_gmt":"2022-12-30T16:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=514237"},"modified":"2024-06-11T14:33:17","modified_gmt":"2024-06-11T14:33:17","slug":"crypto-firms-bitcoin-2022-miners-hit-worst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-firms-bitcoin-2022-miners-hit-worst\/","title":{"rendered":"Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst"},"content":{"rendered":"

Data shows almost all the big public crypto companies have underperformed Bitcoin this year, with the mining firms taking an especially hard hit.<\/p>\n

Most Public Mining Companies Saw Drawdowns Of 90% Or More In 2022<\/h2>\n

As per the year-end report from Arcane Research<\/a>, 2022 was a very challenging year for public firms in the crypto sector. The below chart displays the drawdowns in the valuations of some of the big players in the market, as well as that of Bitcoin, during the last twelve months:<\/p>\n

\"Crypto<\/p>\n

The deep red performance of the public companies in the digital asset sector | Source: Arcane Research's 2022 - Year in Review<\/a><\/pre>\n
As the graph shows, Bitcoin performed terribly this year, seeing negative returns of around 65%, but the large public crypto firms have done worse still. Even Microstrategy<\/a>, the company whose stocks’ main attraction is exposure to BTC through its large reserves, couldn’t perform comparably to the asset and observed a deeper year-to-date drawdown of about 74%.<\/p>\n
The market cap of the popular crypto exchange Coinbase has gone down by 87% this year, which has led to the firm being valued lower than meme coin Dogecoin<\/a>. The worst performer in the list seems to have been Core Scientific, recording a drawdown of 99%. Core Scientific is one of the biggest Bitcoin mining companies<\/a>, but due to these large losses, the firm had to file for Chapter 11 bankruptcy earlier in the month.<\/p>\n
Similarly to Core, other BTC miners have also sustained major drawdowns this year, with most of them being 90% or more underwater for the period. But why did the mining firms perform especially poorly? The explanation behind that is multifold.<\/p>\n
Related Reading: Bitcoin Now Under Realized Price For 163 Days, Here\u2019s How This Compares Historically<\/a><\/div>\n
“Similar to how crypto lenders were incentivized to prioritize short-term growth over long-term sound business decisions to attract private capital, public miners were incentivized to take on debt and rapidly expand its hashrate share to attract more capital,” the report explains.<\/p>\n
But three factors meant that this bet from these companies couldn’t pan out. First, the interest rates kept rising this year. Second, the bear market meant that the price of Bitcoin kept plunging, leading to the value of miners’ rewards also becoming lower.<\/p>\n
And finally, the third nail in the coffin was the rising energy prices, which resulted in very low or no profits for miners as they have to constantly pay electricity bills to keep their facilities running. All these factors lead to the public miners collapsing under the weight of their short-sighted decisions.<\/p>\n
Related Reading: Bitcoin Interexchange Flow Pulse About To Reverse, What Does It Mean?<\/a><\/div>\n
For 2023, Arcane Research’s prediction for these public crypto companies is that there will be new Chapter 11 bankruptcies filed in the year.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $16,500, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has gone downhill in recent days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Becca on Unsplash.com, charts from TradingView.com, Arcane Research<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows almost all the big public crypto companies have underperformed Bitcoin this year, with the mining firms taking an especially hard hit. Most Public Mining Companies Saw Drawdowns Of 90% Or More In 2022 As per the year-end report from Arcane Research, 2022 was a very challenging year for public firms in the crypto sector. The below chart displays the drawdowns in the valuations of some of the big players in the market, as well as that of Bitcoin, during the last twelve months: The deep red performance of the public companies in the digital asset sector | Source: Arcane Research’s 2022 – Year in Review As the graph shows, Bitcoin performed terribly this year, seeing negative returns of around 65%, but the large public crypto firms have done worse still. Even Microstrategy, the company whose stocks’ main attraction is exposure to BTC through its large reserves, couldn’t perform comparably to the asset and observed a deeper year-to-date drawdown of about 74%. The market cap of the popular crypto exchange Coinbase has gone down by 87% this year, which has led to the firm being valued lower than meme coin Dogecoin. The worst performer in the list seems to have been Core Scientific, recording a drawdown of 99%. Core Scientific is one of the biggest Bitcoin mining companies, but due to these large losses, the firm had to file for Chapter 11 bankruptcy earlier in the month. Similarly to Core, other BTC miners have also sustained major drawdowns this year, with most of them being 90% or more underwater for the period. But why did the mining firms perform especially poorly? The explanation behind that is multifold. Related Reading: Bitcoin Now Under Realized Price For 163 Days, Here\u2019s How This Compares Historically “Similar to how crypto lenders were incentivized to prioritize short-term growth over long-term sound business decisions to attract private capital, public miners were incentivized to take on debt and rapidly expand its hashrate share to attract more capital,” the report explains. But three factors meant that this bet from these companies couldn’t pan out. First, the interest rates kept rising this year. Second, the bear market meant that the price of Bitcoin kept plunging, leading to the value of miners’ rewards also becoming lower. And finally, the third nail in the coffin was the rising energy prices, which resulted in very low or no profits for miners as they have to constantly pay electricity bills to keep their facilities running. All these factors lead to the public miners collapsing under the weight of their short-sighted decisions. Related Reading: Bitcoin Interexchange Flow Pulse About To Reverse, What Does It Mean? For 2023, Arcane Research’s prediction for these public crypto companies is that there will be new Chapter 11 bankruptcies filed in the year. BTC Price At the time of writing, Bitcoin is trading around $16,500, down 2% in the last week. Looks like BTC has gone downhill in recent days | Source: BTCUSD on TradingView Featured image from Becca on Unsplash.com, charts from TradingView.com, Arcane Research<\/p>\n","protected":false},"author":542,"featured_media":514255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,1119,1144,6664,87518,87660,87661],"class_list":["post-514237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-btc","tag-btcusd","tag-crypto","tag-crypto-companies","tag-public-bitcoin-mining-companies","tag-public-crypto-companies"],"acf":[],"yoast_head":"\nMost Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst<\/title>\n<meta name=\"description\" content=\"Data shows almost all the big public crypto companies have underperformed Bitcoin this year, with the mining firms taking an especially hard hit. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst","url":"http:\/\/uniquehot.com\/news\/crypto-firms-bitcoin-2022-miners-hit-worst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-firms-bitcoin-2022-miners-hit-worst\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","btc","btcusd","crypto","crypto companies","public bitcoin mining companies","public crypto companies"],"dateCreated":"2022-12-30T16:00:29Z","datePublished":"2022-12-30T16:00:29Z","dateModified":"2024-06-11T14:33:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-firms-bitcoin-2022-miners-hit-worst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-firms-bitcoin-2022-miners-hit-worst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"btc\",\"btcusd\",\"crypto\",\"crypto companies\",\"public bitcoin mining companies\",\"public crypto companies\"],\"dateCreated\":\"2022-12-30T16:00:29Z\",\"datePublished\":\"2022-12-30T16:00:29Z\",\"dateModified\":\"2024-06-11T14:33:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/514237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=514237"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/514237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/514255"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=514237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=514237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=514237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}