Bitcoin’s price continues its downward trajectory, 72% down from the all-time high set during November 2021. The cryptocurrency now trades at about $19,200.The values of the North American listed Bitcoin mining stocks have followed, dropping an average of 88% from their 52 week highs.

Of course, there are many global and macro economic contributing factors that haven't helped asset prices in 2022, notably: the war in Ukraine, the global rise in oil and gas prices, the pandemic, the threat of a recession. All these events have definitely changed the global economic outlook.

The drop in Bitcoin price–and increase in the cost of energy currently being paid by those miners, especially those who do not have a fixed price contract–has seen miners having to continually re-evaluate their future growth plans.

For example, Argo Blockchain (ARBK) recently revised their end of 2022 growth projection down from 5.5 EH/s to 4.1 EH/s, Bitfarms (BITF) reduced from 8 EH/s to 6 EH/s and HUT 8 (HUT) reduced their end of year target of 6.0 EH/s to a more achievable 3.5 EH/s (actually close to what they were forecasting to achieve by the end of Dec 2021).

However, two miners appear to have bucked this trend over the last year, that being Cleanspark (CLSK) and Iris Energy (IREN).

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CleanSpark is one of the few public mining companies that arguably timed the dip well. The Las Vegas, NV-based firm has been scooping up cheap assets such as facilities and ASICs left and right, all the while the rest of the market crumbles.

*As of Tuesday, October 4th