“It’s possible some people are making the bet” that if bitcoin isn’t declining to $18,000, “then this may be an attractive time to start accumulating some of the miners,” which are still profitable, said Joseph Vafi, managing director of equities research at investment bank Canaccord Genuity, which covers Argo Blockchain (ARBK), Iris Energy (IREN) and Hut 8 Mining (HUT).