According to U.Today, private wealth management firm Bernstein has identified several mining stocks that could potentially excel following the halving event. CleanSpark (CLSK) and Riot Platforms (RIOT) were highlighted due to their market-leading self-mining hashrate. Bernstein suggests that these stocks could outperform due to superior execution.
Earlier this month, CleanSpark achieved over 17 exahashes per second (EH/s) of operating hashrate. The company has improved its agreement with top cryptocurrency mining device manufacturer Bitmain to upgrade its fleet with 100,000 S21 Pro ASIC miners. This new model will enable CleanSpark to achieve a 17% efficiency boost. CleanSpark CEO Zach Bradford recently emphasized that efficiency was the most crucial factor ahead of the upcoming halving event.
In 2023, Riot Platforms' hash rate capacity reached a record 12.4 EH/s, and the company generated over $280 million in revenue. In December, Riot Platforms secured a significant deal with Bitmain competitor MicroBT, which could potentially allow its hash rate capacity to exceed an impressive 100 EH/s in the future.
However, mining stocks have suffered significant losses this year, with most losing more than half their value. The impending block reward reduction is anticipated to negatively impact miners in the short term, particularly those companies that are not efficient enough. Gold bug Peter Schiff recently commented on the downturn in Bitcoin mining stocks, suggesting that the largest cryptocurrency could already be in a stealth bear market.