Jack Dorsey Is Bullish on Bitcoin Mining. Should You Be Too?
In 2023, Bitcoin mining stocks were a no-brainer investment. All of them were up triple digits or more last year, and it was really just a matter of finding the Bitcoin mining companies with the largest number of Bitcoin mining rigs. The more mining rigs they had, the more Bitcoin they could mine and the more money they could make. Simple, right?
Well, all that could change in 2024. For one, there's the upcoming Bitcoin halving, which could lead to a shakeout in the Bitcoin mining industry. That, in turn, could open the door to the arrival of new Bitcoin mining competitors. The one I'm keeping my eye on is Ocean, a new Bitcoin mining venture backed by legendary tech entrepreneur Jack Dorsey.
Perhaps the biggest investor misconception about Bitcoin mining is that the largest players are the publicly traded Bitcoin mining stocks. That couldn't be further from the truth. In fact, large Bitcoin mining companies Marathon Digital Holdings (NASDAQ: MARA) or Riot Platforms (NASDAQ: RIOT) each account for less than 5% of the total Bitcoin mining market. If you add up the market share of the public Bitcoin miners, it amounts to less than 30%.
Source Fool.com
