Bitcoin ended the year up more than 100% while miners were flat

This one is a bit hard to wrap your head around.

Bitcoin itself ended the year up more than 100%, it had a great year.

Given that information you would think that bitcoin miners would be up tremendously as well.

Nope.

Look at this:

(Source: https://x.com/thisisksa/status/1872156983975092556/photo/1)

Most miners were flat to down on the year.

Not sure why this is exactly.

I think mostly because they were already so overvalued that they were flushed back to fair value that and they probably issued stock to grow.

That and perhaps some are now undervalued?