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Riot Platforms Is Best Suited to Consolidate Bitcoin Mining Sector: Bernstein

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Riot has the monetary capability to consolidate the bitcoin mining house, the report stated.

The dealer stated it expects the U.S. bitcoin mining house to consolidate to round 5 giant gamers.

Bernstein stated the bigger miners ought to ramp up their M&A recreation to take care of strategic relevance.

Riot Platforms (RIOT) is probably the most bold bitcoin (BTC) miner to aim to consolidate the sector, and the corporate has a want to construct the world’s largest publicly listed mining firm, dealer Bernstein stated in a analysis report on Tuesday.

The Colorado-based firm has the monetary capability to consolidate the mining house because it has no debt and greater than $1.3 billion of money and bitcoin on its steadiness sheet, the report stated.

Riot is attempting to purchase rival bitcoin miner Bitfarms (BITF), after shopping for a 9.25% stake within the firm. The miner has supplied to purchase all of the excellent shares in BITF for $2.30, the corporate stated on Tuesday.

“The bitcoin mining enterprise is changing into more durable for smaller gamers, with restricted capital to ramp up on the worldwide hash energy race,” analysts Gautam Chhugani and Mahika Sapra wrote.

Bernstein says it expects the bitcoin mining sector within the U.S. to consolidate to about 5 giant gamers who will management substantial capability. It famous that there are greater than 20 publicly listed miners at current.

“If energy turns into the most important constraint to scale up synthetic intelligence (AI) computation, we see bitcoin miners as a strategic asset controlling energy, land and with important working capabilities in working knowledge facilities,” the authors wrote.

The dealer notes that smaller miners are seeing aggressive curiosity from AI knowledge facilities that want to purchase websites. The most important bitcoin miners ought to ramp up their M&A plans to take care of “long-term strategic relevance,” the report famous.

Bernstein has an outperform ranking on Riot shares and a $22 value goal. On the time of writing, the shares had been buying and selling round $10.30.

Learn extra: Riot Plans Hostile Takeover of Bitfarms; Proposes $2.30 Per Share

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