Top Bitcoin mining stocks up 280% - 420% YTD

Stock prices of Bitcoin miners have been booming this year, outperforming even Bitcoin prices. Bitcoin mining revenues have soared as well (ordinals helped, along with rising prices).

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Bitcoin miners are holding less stock though, sending record levels of Bitcoin to exchanges.

Bitcoin miner one-hop supply (holdings of wallets that received coins from mining pools). Source: Coin Metrics

This could be miners taking profits, because estimates suggest the current production cost of Bitcoin ranges from $20,000 to $25,000, depending on electricity cost.

Miners are still spending money on expansion costs, indicating they may be preparing for the bull market to really begin:

• Hut 8 Mining (HUT8) merged with US Bitcoin Corp (USBTC), increasing its total hash rate to 9.8 EH/s, making it the third-largest public mining entity in the United States. It also borrowed $50 million from Coinbase for general corporate purposes.
• Cleanspark (CLSK) invested $9.3 million to increase its hash rate by almost 1 EH/s.
• Riot Blockchain (RIOT) entered into a $170 million deal with mining hardware manufacturer MicroBT to nearly double its hash rate capacity by 2024 upon full deployment.