and other institutional exchange-traded-fund filings. Second, some bitcoin miners are tapping into opportunities in high-performance computing and artificial intelligence as a “revenue diversification strategy,” the note said.
“This is a unique game of survival where the best-in-class miners with low costs and conservative debt profiles can survive, consolidate capacity and market share, to earn hyper-normal profits when bitcoin prices exceed the cost of production,” analysts led by Gautam Chhugani wrote. Bernstein notes that weaker miners with high debt are not able to survive and “capitulate during crypto winters,” citing theThe broker says the first round of consolidation has already played out and surviving miners are now adding capacity in anticipation of bitcoin halving, when mining rewards are cut by 50%, an event that typically
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