Bernstein reiterates $200,000 bitcoin target, initiates coverage on Core Scientific and IREN

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Bernstein has initiated coverage on two additional miners with a hybrid bitcoin mining and AI data center strategy.

Analysts at research and brokerage firm Bernstein have initiated coverage on Core Scientific and IREN with an outperform rating, citing the firms’ hybrid bitcoin mining and AI data center strategies.

In June, JPMorgan said investor interest was “surging” for bitcoin miners following Core Scientific’s AI hosting deal. IREN also raised $413 million to fund its bitcoin mining expansion earlier this month The analysts previously initiated coverage on bitcoin miners Riot Platforms, CleanSpark and Marathon in late 2023, based on the premise of a new bitcoin bull cycle and rising consolidation in the industry post-halving.“Bitcoin miners enjoy a lead in the ‘large load’ power interconnect queue vs. approval queue of more than 4 years for greenfield buildouts, thus saving ‘time to market,’” the Bernstein analysts said, with a pipeline of power access projected to double by the end of 2027.

 

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