Bitcoin mining companies are surpassing Bitcoin in market capitalization, indicating a significant shift in the market.
Notable examples like Iris Energy and Cipher Mining have seen their market caps surge by 233% and 195% respectively, showcasing the mining sector's impact.
The surge in Bitcoin mining firms' market value aligns with a rise in the network's computing power, reaching an all-time high hashrate.
Investors seem to view Bitcoin mining as a leading indicator for future Bitcoin price movements, potentially entering the market early to capitalize on potential gains.