Bernstein: With five days until halving, Bitcoin mining CEOs remain “optimistic”

PANews April 15 news, according to The Block, Wall Street investment bank Bernstein said that although leading Bitcoin mining companies failed to achieve excess returns on Bitcoin during the year, the CEOs of these companies Still “optimistic” about this week’s halving event. Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday that the underperformance was due to strong inflows into U.S. Bitcoin spot ETFs that “sucked away” retail liquidity from mining stocks, as well as concerns about the impact of the halving on miners’ revenues. concerns about impact.

According to a recent interview with Bernstein, Marathon CEO Fred Thiel said that the market has until now viewed mining stocks as an alternative to Bitcoin, and after the launch of the ETF, a popular trading method was to buy the Bitcoin spot ETF and short the miners. shares, which explains its poor performance. CleanSpark CEO Zack Bradford says Bitcoin mining stocks will trade better after the halving because it will benefit the winners from the merger more than smaller, less efficient ones. Miners benefit less. Bradford expects the mining industry to consolidate into four major publicly traded miners: CleanSpark, Marathon, Riot Platforms and Cipher Mining.

Analysts noted that there are still five days until the Bitcoin halving, which is often seen as a headwind for miners in every cycle. However, given Bitcoin’s dramatic price rise this year – up 60% year to date – Bitcoin mining CEOs point to near-all-time US dollar revenue as underpinning solid balance sheets ahead of the halving, And debt is relatively low.