Brokerage Firm Bernstein Reveals Two Must-Buy Mining Stocks Ahead of Bitcoin Halving
Bernstein Recommends Two Mining Stocks
Bernstein, a popular brokerage firm, has advised investors to purchase Bitcoin mining stocks in order to gain exposure to BTC indirectly ahead of this year’s halving. The broker recommends two mining stocks, including CLSK, issued by CleanSpark, and RIOT, associated with Riot Platforms.
Bernstein argues that it picked the two stocks because the mining companies they are associated with are well-positioned to stay in business even if their operating costs double after the Bitcoin halving.
Bitcoin Halving Explained
So, what is Bitcoin halving? One may ask. It is an event that happens every four years and is intended to reduce mining rewards distributed to miners with the goal of slowing down the rate at which new BTC coins enter the circulating supply. According to Bitcoin founder Satoshi Nakamoto, halving helps boost BTC’s price. This year, miners will see their rewards plummet from 6.25 Bitcoins to 3.125 Bitcoins.
Meanwhile, Bernstein analysts are optimistic that the rising inflows into spot Bitcoin Exchange-Traded Funds (ETFs) will cause BTC’s price to touch new levels in 2024, thus boosting the value of miners’ rewards. Moreover, they argue that mining stocks will follow the performance of Bitcoin, as has been the case over the years.
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CleanSpark and Riot Platforms Prepare for Bitcoin Halving
As mentioned earlier, Bernstein says CleanSpark and Riot Platforms are well-positioned to perform exceptionally after Bitcoin halving. But how are these two miners preparing for post-halving? Well, CleanSpark announced last month that it had acquired three Mississippi-based mining facilities for $19.5 million.
According to the company, the acquisitions will boost its mining capacity by 2.3 exahashes per second. Further, CleanSpark bought a Georgia-based mining facility for $6.8 million at the start of February. Although the facility is still under construction, the miner expects it to operate at 0.9 exahashes per second upon completion.
Riot Platforms, on the other hand, said earlier this month that it had agreed with MicroBT, a Chinese mining equipment manufacturer, to purchase over 33,000 machines worth $160 million to increase its mining capacity. Meanwhile, the miner’s Texas-based mining facility will become operational in March, just a few weeks before Bitcoin halving.
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