Bitcoin miners are exploring diversification strategies as they anticipate digital asset volatility, according to an analyst.
, the bitcoin difficulty has risen by 5.5% over the past week after shooting up 9.1% over the past 90 days.
These headwinds could be playing on investor confidence when appraising bitcoin mining stocks, and big mining operators such as Marathon Digital and Riot Platforms have seen their stock prices fall steeply since mid-July. Valkyrie Bitcoin Miners ETF, which provides exposure to the bitcoin mining industry, has declined 23% since the beginning of this month.
"Some North American miners are relocating to sites in Iceland and Sweden, where there is an abundance of hydro and geothermal power," Power added.
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