Bitcoin outperformed majority of mining company stocks in February

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.