Digital Gold Mining: How Bitcoin Stacks Up Against Real Gold

• This article compares the Bitcoin and Gold mining industries, exploring their similarities and differences.
• The data reveals that in 2022, gold miners outperformed Bitcoin miners significantly.
• Despite the difficult bear market conditions which led to Bitcoin miners underperforming ore miners, the honey badger should never be counted out.

Comparison of Bitcoin and Gold Mining Industries

Bitcoin’s prominent memetic narrative as «digital gold» begs a comparison to the real yellow metal. But since the advent of Bitcoin, comparative perspectives of the mining sectors underlying both assets are too often missing. In this article, we will explore some recent market data for bitcoin and gold miners to uncover similarities and differences between these two «mining» industries.

Market Data from May 2022

In May 2022, this author published data on the gold/bitcoin mining contrast as digital gold producers were significantly underperforming ore miners. A select group of public gold and bitcoin mining companies are represented in the chart below with percentage-based yearly performances from 2022 visualized:

Bear Market Brutality

The past year of unpredictable economic tumult and bear market financial brutality have highlighted a few important idiosyncrasies between gold and its blockchain-based counterpart. Bearing this in mind, bitcoin being outperformed by gold isn’t the historical norm – throughout 2021, bitcoin (and its mining companies) enjoyed a strong and prolonged uptrend while gold lagged significantly over the same period.


Despite underperforming ore miners last year due to difficult bear market conditions, data shows that there are many similarities between bitcoin and gold mining industries which shouldn’t be overlooked. It is also worth noting that despite its current price point relative to all time highs, it would be wrong to count out Bitcoin’s future prospects given it’s remarkable history so far!

Mining Companies Performance Chart

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Digital Gold Mining: How Bitcoin Stacks Up Against Real Gold
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