“We consider Core Scientific to be the best-in-class operator in the bitcoin mining industry due to the combination of its industry-leading BTC production and operations, low jurisdictional risk with diversification geographic location across the United States and an experienced management team with a strong operating and capital allocation track record,” Glagola wrote. That said, Cowen analyst Stephen Glagola thinks the company is “well positioned to navigate the current environment” and believes it stands out from the competition. CORZ stock has not been immune to bearish developments since their IPO via the SPAC route in January, the shares have lost 84% of their value. However, when bitcoin slips, bitcoin miners are naturally affected as well. Digital asset mining revenue reached $133 million from $9.63 million for the same period 12 months ago, while customer hosting revenue was $27.34 million. EPS of $0.31 largely beat the street call of $0.09. In the latest quarterly report – for 1Q22 – revenue grew 254.9% year-over-year to $192.52 million, although the figure was just below estimate consensus of $196.67. Here is the truth.ĪLSO READ Musk's About-Face on Twitter Shifts Saga Acquisition to Delaware They all operate in the BTC mining space, they are rated as Strong Buys by the analyst community, and they offer a lot of upside potential in the coming year. With that in mind, we scoured the TipRanks database and focused on three names that stand to benefit from a potential increase in bitcoin’s value. And where the BTC price goes, so do the prices of stocks operating in its ecosystem. While Deutsche Bank’s Marion Laboure does not expect last year’s peak to be reached in the near term, using S&P 500 stocks as a benchmark and factoring in the effect of rising interest rates, the senior strategist estimates that by the end of the year, the price of bitcoin could rally to 28,000 dollars, a 45% increase from current levels.
That said, the “death of bitcoin” has been heralded countless times before and one thing bitcoin has been able to do in its decade-plus history is finally bounce back. In fact, bitcoin’s performance has followed the stock market’s lead and, mirroring the broad downturn of 2022, bitcoin’s price has fallen more than 70% since its peak last November. The crypto daddy is meant to be a hedge against inflation, but recent times have shown that soaring inflation hasn’t provided a tailwind. Bitcoin may have cemented its status as “digital gold,” but another widely touted goal has yet to come to fruition properly.
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