Bernstein Upgrades Bitcoin Mining Stocks CleanSpark, Core Scientific, Iris Energy, and Riot Platforms to Outperform Rating

Investment firm Bernstein recently disclosed that it upgrades stocks of Bitcoin miners, including CleanSpark (CLSK), Core Scientific (CORZ), and Riot Platforms

Investment firm Bernstein recently disclosed that it upgrades stocks of Bitcoin miners, including CleanSpark (NASDAQ:CLSK), Core Scientific (NASDAQ:CORZ), and Riot Platforms (NASDAQ:RIOT), to outperform ratings. Meanwhile, the firm rates Marathon Digital Holdings (NASDAQ:MARA) as a market-performing stock.

The report identifies the mega 1GW site in Texas that RIOT is energizing over 2024-25 as a meaningful capacity. Also, the report acknowledges that Riot concluded the acquisition of block mining with 60 operational MW and extendable to 300MW.

The investment firm analysts note that though RIOT platforms trail in production efficiency, the miner saw improved performance in July. The improved production efficiency is attributed to swapping the older S19 XP rigs with the recent generation models. RIOT anticipates its capacity to exceed 36 EH/s hash rate by Q4 2024.

Bernstein analysts accord CleanSpark (NASDAQ:CLSK) a high rating, citing its energy efficiency blend with the realized hash rate. The analysts disclosed that it is crucial to note that, like CleanSpark, Irish Energy (NASDAQ:IREN) is within the sweet spot for its realized hash rate/uptime and energy efficiency.

The report considers CleanSpark among the top-three ranked Bitcoin producers, joining Marathon (NASDAQ:MARA) and Core Scientific (NASDAQ:CORZ).

The analysts hail CleanSpark for its operational efficiency priorities, placing it in a solid competitive position. In particular, CLSK stands out for its realized hash rate from previous higher uptime.

Bernstein analysts are bullish on Iris Energy (NASDAQ:IREN), citing its ambitious expansion plans. The analysts take note of the two Texas-based mega sites that are now a work in progress.

Bernstein is spotlighting Irish Energy’s potential within the artificial intelligence (AI) sector. The report notes that the Bitcoin miner appointed Morgan Stanley to explore AI deals for mega sites.

The report expects mining firms to witness declining costs as they deploy advanced rig generation within their expanded facilities. This transition will lead to operating leverage.

As of writing, mining stocks are up in the premarket session on Friday after the latest Bernstein upgrades. Core Scientific leads the gains with a nearly 9% rise, followed by a over 6% gain for both IREN and MARA. On the other hand, RIOT is up by 4% while BITF gains marginally.

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