4 Bitcoin Miner Stocks Rated Bullish, But This Stock Is The Odd One Out
Portfolio Pulse from Ivan Crnogatić
Bernstein analysts report a shifting competitive landscape for Bitcoin miners, highlighting Marathon Digital, Core Scientific, and CleanSpark as top producers. Riot Platforms lags in production but is improving efficiency. Miners are diversifying into AI and data centers, with Core Scientific and Iris Energy making significant moves. Bernstein expects mining margins to improve in Q4 due to potential Bitcoin price rises from institutional ETF flows.
August 16, 2024 | 2:27 pm
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NEUTRAL IMPACT
Marathon Digital Holdings is rated Market-Perform by Bernstein despite leading in self-mining and co-hosting scale.
Marathon Digital leads in self-mining and co-hosting scale but is rated Market-Perform, indicating a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
CleanSpark is recognized for its realized hash rate and operational efficiency, earning an Outperform rating from Bernstein.
CleanSpark's strong operational metrics and hash rate efficiency result in an Outperform rating, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Core Scientific is highlighted for its operational efficiency and diversification into AI, securing a $6.7 billion co-hosting contract.
Core Scientific's operational efficiency and significant AI co-hosting contract position it favorably, leading to an Outperform rating.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Iris Energy is exploring AI opportunities and has appointed Morgan Stanley to seek deals for its mega sites in Texas. Rated Outperform by Bernstein.
Iris Energy's diversification into AI and strategic moves with Morgan Stanley result in an Outperform rating, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Riot Platforms lags in production but is improving efficiency by upgrading to the latest generation rigs. Rated Outperform by Bernstein.
Despite lagging in production, Riot's efforts to improve efficiency and an Outperform rating suggest a positive short-term outlook.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100