The bear market has been brutal for Bitcoin miners. But 2023 was the year of recovery.

Take a marathon. The stock is down -95% from its all-time high during the bear market.

But the significant decline also means greater scope for economic recovery.

Year to date, MARA is up about 220% compared to 125% for Bitcoin.

If the next bull market is like the last one, there is a lot of asymmetrical upside potential for investing in miners.

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