Bitcoin Miners Must Upgrade Energy Efficiencies to Stay Profitable, Says Bernstein

IconCryptoNewsTerminal Staff25 Jul, 2024

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Bitcoin Miners Must Upgrade Energy Efficiencies to Stay Profitable, Says Bernstein

Bitcoin miners will increasingly need to focus on driving efficiencies across their operations to stay competitive and profitable. That's according to a report from Wall Street investment bank Bernstein. "We believe bitcoin miners will devote more resources to their power strategy and could push the boundaries of their efficiency frontier," the analysts wrote in the report, published Tuesday. That could mean developing more data center capabilities alongside their mining operations to improve their valuation as a business, they added. The shift in industry dynamics has been highlighted by Core Scientific's recent 12-year infrastructure contract with artificial intelligence (AI) cloud computing company Coreweave. "We expect the market to increasingly reward bitcoin miners for their tangential adjacencies into AI and high-performance computing," the Bernstein analysts wrote. "Companies to watch in this space include Riot Platforms, CleanSpark and Iris Energy."

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