Bitcoin outperformed majority of mining company stocks in February Bitcoin outperformed majority of mining company stocks in February
BTC recorded a 4.6% increase during February, which only five mining companies' stocks were able to outperform.
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Updated: Mar. 1, 2023 at 4:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In February, Bitcoin (BTC) price increase outperformed 20 out of 25 stocks that belong to mining companies, according to Hashrate Index data.
BTC closed at $23,723.77 on Feb. 1, according to Yahoo Finance data. On Feb. 20, BTC recorded its monthly high by closing at $24,829.15, which marks a 4.6% increase.
The chart below represents BTC mining companies’ stock performances in February. According to the numbers, only Iris Energy (IREN), Cipher Mining (CFR), Sphere 3D (ANY), Cathedra Bitcoin (CBIT), and Stronghold Digital Mining Inc. (SDIG) were able to record increases higher than BTC.
IREN became the most profitable stock among all by recording a 29% increase, closely followed by CFR with 27%. ANY, CBIT, and SDIG also recorded increases of 11%, 9%, and 7%, respectively.
Year-to-date comparison
Even though BTC was able to outperform most mining companies in February, year-to-date (YTD) numbers reveal that 20 out of 25 mining stocks are still ahead of BTC.
According to the data, BTC recorded a 40% increase since the beginning of the year, which places it 21st in ranking. In comparison, the top three best performers, Core Scientific (CORZ), Digihost Technology (DGHI), and CBIT, recorded 267%, 242%, and 200% growth YTD.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Stronghold Digital Mining
Stronghold Digital Mining is a vertically integrated and environmentally beneficial digital asset miner based in Pennsylvania, USA.
Core Scientific
Core Scientific is a leader in infrastructure and software solutions for Artificial Intelligence and Blockchain.