#ETF bitcoin spot ETFs open up a new scenario in which investors are moving away from bitcoin mining stocks. 

With Bitcoin spot ETFs, traditional investors no longer rely on cryptocurrency-compatible mining stocks as a substitute for gaining access to BTC. For several years publicly traded BTC mining companies have traditionally served as a gateway for investors to gain exposure to the largest cryptocurrency by market capitalization without owning it directly.

Bitcoin spot exchange-traded funds ETFs has changed the scenario. investors no longer use shares. of public mining companies to gain exposure to Bitcoin, as they traditionally did. With ETFs investors are not forced to get exposure to Bitcoin through mining shares, leading to a reduction in the average price premium over BTC spot that they used to have.

I consider that for the time being and for a good while no new btc miners will appear as it will not be profitable the heavy investment they have to make to get started in mining, the return on investment will be very slow or almost nil