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Stock skyrocket9/21/2023 ![]() ![]() ![]() Wainwright analyst Mike Colonnese, the company exhibited some canny business nous when securing the deal which comes roughly two months following the company’s purchase of 20,000 Bitmain rigs for a 25% discount. The company recently announced a purchase of 45K new Antminer S19 XP machines that when eventually deployed will almost double the current hashrate.Īccording to H.C. The company has set its sights on bringing that hashrate up to 16.0 EH/s by the end of 2023, and recent purchases will go toward making that goal a reality. By often selling its mined bitcoin, the company has funded expansion and last year, even as the crypto winter raged, increased its hashrate – the measure of the computational power used to mine the asset – from 2.1 EH/s in January to 6.2 EH/s at the end of the year. Bitcoin is famous for being hugely energy intensive, but the company likes to highlight its credentials as a sustainable player, mining the bulk of its BTC with renewable or low-carbon energy sources. However, since then, mining endeavors have become its main priority.ĬleanSpark oversees its own mining operations in Atlanta, Georgia and co-locates miners in Massena, NY. While once the company specialized solely in microgrid solutions, it began dabbling in mining operations toward the end of 2020. We’ll start with CleanSpark, a bitcoin miner that sometime ago decided bitcoin mining was where it’s at. What’s more, all 3 are rated as Strong Buys by the analyst consensus. With this in mind, we delved into the TipRanks database and pulled up the details on 3 crypto stocks poised to make use of that anticipated run. Hence, if bitcoin is set to surge so will many bitcoin-themed stocks. The stock market presents opportunities with many names operating in the bitcoin ecosystem – miners in particular – and their performance naturally correlates with that of the daddy of crypto. For many, though, buying bitcoin directly still represents somewhat of a complicated act but there are ways to get skin in the game without directly purchasing the asset. That’s a gain of 240% from current levels, a surge that will be hard to find elsewhere. “We see potential for Bitcoin to reach the $100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over,” Kendrick noted. ![]() In fact, delivering gains of 70% though Q1 made it the quarter’s best performing asset.Īnd it has got plenty more room to run, says Geoff Kendrick, head of crypto research at British banking giant Standard Chartered. Its decentralized and trustless attributes have made the leading crypto one to hold against a backdrop of multiple bank collapses. Bitcoin failed to fulfil one of its purposes last year as a hedge against soaring inflation, but it came into its own recently via another original purpose – as a bet against the legacy banking system. ![]()
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