The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

For those looking for indirect bitcoin exposure or value investment bitcoin opportunities in the public markets, holding North American bitcoin miner equity is where to get it. 

Of the top-four publicly-traded North American miners (Marathon Digital Holdings, HUT 8 Mining, Riot Blockchain, Inc and HIVE Blockchain Technologies), average YTD returns are up to 140%, versus bitcoin returns of 49%. HODLing bitcoin still remains the best long-term option for most, but we’re clearly seeing a trend of effective bitcoin miners outperforming bitcoin returns over the last two years.As the Bitcoin network bootstraps around the world, miner revenue (in USD terms) continues to rise. 



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