Bitcoin Miners Left Behind as Exchanges and Stablecoin Firms Soar
Bitcoin's recent price surge has created an uneven playing field for different sectors of the cryptocurrency market. While exchanges and stablecoin firms have seen significant gains, miners are struggling to keep pace.
A report by The Block found that out of all mining companies, only Canaan is performing better than Bitcoin, with a 22% gain since August 17. Meanwhile, other top miners are delivering average median results of 1.8%, leaving them 20.2 percentage points behind Bitcoin's performance.
The gap between miners and exchanges/stablecoin firms has widened due to the latter's ability to make money from activities not directly tied to producing Bitcoin. Coinbase, for instance, reported that 88% of its Q2 net revenue came from outside Bitcoin spot trading.