"Being able to raise debt/equity in the world's deepest capital markets, presents a natural advantage versus non-U.S. miners, particularly in a capital intensive industry, poised for market consolidation," analysts led by Gautam Chhugani wrote.
"The mining industry is split between companies focused on bitcoin mining and those pivoting to artificial intelligence (AI) data centers. Both are viable opportunities, and the common theme is consolidation because scale matters."
"Leading miners should focus on growing market share and increasing their hashrates, and not selling the crypto they have mined at a loss."
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