Bernstein Upgrades Four Key Bitcoin Miners to ‘Outperform’
Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...
Investment firm Bernstein has made a bullish call on the Bitcoin mining sector, issuing “outperform” ratings for four publicly traded companies: Riot Platforms, CleanSpark, IREN (formerly known as Iris Energy), and Core Scientific.
These ratings indicate that Bernstein expects these stocks to outperform the broader market.
Meanwhile, according to the Decrypt article from Aug. 16, MARA (formerly known as Marathon Digital Holdings) received a “market-perform” rating, suggesting Bernstein anticipates performance in line with the market average.
Bernstein’s evaluation was based on five key factors: Bitcoin (BTC) production, operational efficiency, energy consumption, cost, and artificial intelligence (AI) strategy.
Bernstein highlighted Riot Platforms’ operational power capacity and ambitious expansion plans. Despite a broader industry slowdown in Bitcoin mining production, Riot reported strong Q2 2024 results, generating $70 million in revenue. The company expanded its operations with a new Texas facility, acquired Block Mining for $92.5 million, and increased its Bitfarms stake to 18.9%.
Riot Platforms Reports Second Quarter 2024 Financial Results, Current Operational and Financial Highlights. Riot Reports $70.0 million in Total Revenue and Deployed Hash Rate of 22.0 EH/s.
“I am extremely pleased to present results for Riot’s second quarter 2024, during which we… pic.twitter.com/ZhTOwzLVZA
— Riot Platforms, Inc. (@RiotPlatforms) July 31, 2024
CleanSpark garnered praise for its top-notch energy efficiency and high realized hash rate, a
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