The analyst notes that the average Bitcoin price in early April was around $82,600, down 3% from March. It dipped to $75,000 but later recovered to about $85,000.

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However, the overall network hash rate grew faster than U.S. miners’ expansion, and Bitcoin's average price dipped in the first half of April, putting pressure on mining profitability.

Smith also estimated that U.S.-listed miners are now trading at roughly 1.2 times their share of the four-year block reward opportunity, down from recent highs and the lowest in over two years.

According to Smith, MARA Holdings and Bitdeer Technologies Group (NASDAQ:BTDR) were the best and worst-performing stocks over the first two weeks of April, respectively.

Other firms that delivered weaker performance than their peers are TeraWulf Inc. (NASDAQ:WULF), IREN Limited and Riot Platforms, Inc. (NASDAQ:RIOT), owing to their high-performance computing exposure.

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