Power demand from hyperscalers and AI firms may make bitcoin mining companies potential takeover targets, the bank said.The report said that bitcoin miners under financial pressure following the recent halving may be more susceptible to a deal.
Mergers and acquisitions are heating up in the mining sector, after the halving. On Tuesday, shares of Core Scientific after cloud computing firm CoreWeave signed a 200 megawatts artificial intelligence deal with the bitcoin miner, and was also reported to have made an offer to buy the company in an all-cash deal.
The bank estimates that U.S. listed bitcoin miners draw up to 5 GW of power and have access to an additional 2.5 GW, “which makes them a potentially attractive target.”
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