How to play BTC miners after the recent SEC crackdown?

  • February is a rather difficult month for Bitcoin miners.
  • The SEC has recently taken a positive stance on cryptocurrencies.
  • HC Wainwright analysts still rate 4 BTC miners as ‘Buy’.

January was a great month for Bitcoin miners, but February proved to be a bit difficult for them.

BTC miners lost big last week

The 11 miners collectively covered by HC Wainwright generated a total of 5,279 bitcoins last month and sold 4,278. The total operating hashrate profit for the month was 7.7%.

But in February, the U.S. Securities and Exchange Commission became more aggressive against cryptocurrency companies.last week it was ordered Kraken is discontinuing its cryptocurrency staking service in the United States.

As a result, Bitcoin’s price fell 5.2% in the week ending February 12.thHowever, even though the network hash rate rose to 292 EH/s, the miners lost significantly more at 17.1% (median).

Miner still worth buying

About a day after Kraken, US regulators also I was demanded to Paxos will stop issuing new BUSD (Binance USD).

Nonetheless, HC Wainwright analyst Mike Colonnese believes such news will have no meaningful impact on miners other than short-term price pressure. However, he also states in his recent research notes:

The concern is that recent enforcement by U.S. regulators and uncertainty over U.S. crypto laws may boost innovation and retail investors in the sector outside the U.S.

Those that Colonnese still rates as “buys” include Riot Blockchain, Cleanspark, Cipher Mining, and Hive Blockchain Technologies.

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