Bitcoin Miner CEO Upbeat Ahead of Halving, Anticipate M&A Surge: Bernstein Report

Despite underperforming BTC, mining stocks show resilience pre-halving with CEOs optimistic on consolidation prospects.

Bitcoin miners, despite trailing the cryptocurrency performance this year, maintain a positive outlook as the halving event approaches, according to a recent report by brokerage firm Bernstein. Retail liquidity drain from mining stocks due to BTC and ETF gains has impacted mining shares.

However, CEO of major mining companies such as Riot Platforms, CleanSpark, Marathon Digital, Cipher Mining, and Hut 8 remain confident, citing robust balance sheets and foreseeing potential industry consolidation. The CEOs emphasized record-high dollar revenues pre-halving and manageable debt levels.

CleanSpark CEO predicts consolidation to four major miners, naming RIOT, MARA, CLSK, and CIFR as front-runners, while MARA CEO eyes industry consolidation, citing CLSK as a key competitor in acquisition pursuits. Additionally, the rise of application and layer 2 development on the Bitcoin blockchain has increased network fees, providing miners with additional revenue streams. Riot and CleanSpark anticipate doubling capacity by year-end to counter halving effects.

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