The recent decrease in Bitcoin's mining difficulty has led to a surge in market share for low-cost miners, reshaping the competitive landscape. Bernstein's analysis highlights the rise of efficient miners like Riot Platforms and CleanSpark, benefiting from reduced competition and heightened operational effectiveness.

Despite challenges posed by decreased rewards and increased difficulty, these companies are well-positioned to profit in the evolving mining industry. Bernstein remains optimistic about Bitcoin mining's future, anticipating stability in Bitcoin's price and increased institutional interest in spot ETFs, signaling promising investment opportunities in efficient mining companies.

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