Broker Gives Price Target for Bitcoin Miner

Analysts at broker Bernstein have announced their price target for one of the largest Bitcoin (BTC) mining companies.

Bernstein analysts announced that Riot is the most suitable name to strengthen and integrate the Bitcoin mining industry.

“The Bitcoin mining business is becoming increasingly difficult for small players who do not have enough capital to keep up with the global hashrate race,” analysts said.

Riot Platforms, which has no debt, holds more than $1.3 billion in cash and Bitcoin assets on its balance sheet.

Riot acquired 9.25% of Bitfarms, its rival in the mining industry. The company also made an offer to acquire the remaining outstanding shares of Bitfarms.

Riot emphasized that the two companies will merge to become the world's largest Bitcoin miner.

Bernstein analysts gave a $22 price target for Riot shares. The price at the time of writing is $10.34.