Bernstein Revises Forecasts for Leading Bitcoin Miners
Date: 2025-03-21 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Despite the increase in the capitalization of the first cryptocurrency since the end of 2024, the largest mining companies have failed to take advantage of this growth. Analysts note that institutional investors have focused on the development of artificial intelligence in data centers, rather than on the Bitcoin mining sector.
“This year, mining companies have faced a significant decline in their stock prices - from 20% to 40%, while Bitcoin itself has lost only 10%,” the report says.
In this regard, Bernstein has lowered the target prices for the shares of a number of companies. The forecast for IREN has been adjusted from $26 to $20, for CleanSpark - from $30 to $20, and for Riot - from $22 to $19. Analysts believe that a further decline in quotes could increase the global hash rate and provoke capital outflow due to high costs of equipment upgrades.
At the same time, the target benchmarks for 2025 for MARA and Core Scientific shares remained unchanged - $23 and $17, respectively.
Earlier, JPMorgan reported that in the first two weeks of March, miners' daily income from block mining rewards amounted to about $48,300, which is 11% lower than in February.
