CoinDesk reported:
Bitcoin (BTC) miners are evolving into industrial-scale enterprises, with North America gaining market share over China, broker Bernstein said in a research report on Monday as it initiated coverage of the sector in the U.S. Bernstein says it prefers Riot Platforms RIOT, giving it an outperform rating and a $15.60 price target, and also rated CleanSpark CLSK outperform with a $5.30 price target. These miners are “market share consolidators with strong operational edge (self-mining model), low cost of production (low power cost), high liquidity and unlevered balance sheets,” wrote analysts Gautam Chhugani and Mahika Sapra.