The introduction of the Bitcoin ETF in January has caused the price of BTC to soar in the last 50 days, yet mining companies of the leading cryptocurrency have not experienced the same level of excitement as investors. Except for one, the prices of stocks in multiple public mining companies have remained stagnant or decreased in 2023. RIOT Platforms (RIOT) has experienced a 6.2% decrease, while Iris Energy (IREN) has dropped by 11%. Although mining companies like Bitfarms and Marathon Digital have seen modest increases of 5% and 17% respectively, the price of BTC has risen by 42% this year. Additionally, BlackRock’s iShares Bitcoin Trust has gone up by 35% since its launch, which is surprising considering the typically close connection between Bitcoin’s price and mining companies’ profits. Mining companies invest in costly equipment and energy to continuously acquire new BTC from the network. As the mining sector is paid in BTC, their revenue in terms of dollars increases as the price of Bitcoin goes up. Currently, miners receive 6.25 BTC for mining each Bitcoin block, which occurs approximately every 10 minutes. However, with the upcoming Bitcoin halving in April, the reward for mining each block will decrease to 3.125 BTC. A number of analysts from companies such as JPMorgan believe that the halving event could result in smaller, less productive miners going out of business. Isaac Holyoak, Chief Communications Officer of CleanSpark, noted that there has been a decrease in the number of miners in recent days. However, before that happened, mining stocks anticipated the recent rise in Bitcoin prices—nearly all miners were ahead of the game.