Bernstein Picks Top Bitcoin Mining Stocks: CleanSpark (CLSK) and Riot Platforms (RIOT)
Private wealth management firm Bernstein has picked two Bitcoin mining stocks that it expects to outperform in the near future. CleanSpark (CLSK) and Riot Platforms (RIOT) have been identified as top performers in the market due to their leading self-mining hashrate.
CleanSpark recently exceeded 17 exahashes per second (EH/s) of operating hashrate and has upgraded its fleet with 100,000 S21 Pro ASIC miners from Bitmain. This upgrade is expected to increase efficiency by 17%, with CEO Zach Bradford emphasizing the importance of efficiency ahead of the upcoming halving event.
Riot Platforms achieved a record 12.4 EH/s hash rate capacity last year and generated over $280 million in revenue in 2023. The company also secured a deal with MicroBT to increase its hash rate capacity to over 100 EH/s in the future.
Despite the recent downturn in mining stocks, Bernstein believes that these two companies will outperform due to their superior execution. The upcoming block reward reduction may have a negative impact on less efficient miners in the short term.
Gold bug Peter Schiff recently commented on the decline in Bitcoin mining stocks, suggesting that the cryptocurrency may be entering a stealth bear market. However, Bernstein’s picks indicate optimism for the future of Bitcoin mining stocks.
Overall, the outlook for CleanSpark and Riot Platforms is positive, with Bernstein expecting them to outperform in the near future. Investors will be keeping a close eye on these two companies as they navigate the challenges and opportunities in the Bitcoin mining industry.
