Second, if we have a look at a wider time horizon (as illustrated beneath), the mining group nonetheless outperforms the Nasdaq between April 2020 and April 2023., profitable 90% to 63%. The blockchain group is down 12%. Crypto miners benefitted from an enormous bubble within the first half of 2021 (traded between 30x and 70 EV/income). From early 2022 to mid-2022, these excessive valuations normalized and converged round 3.5x EV/income. The Blockchain group, in the meantime, fairly intently tracks the Nasdaq, although with much less volatility.
