![]() ![]() ![]() Visit for information about the performance numbers displayed in this press release. These are not the returns of actual portfolios of stocks. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. Any views or opinions expressed may not reflect those of the firm as a whole. All information is current as of the date of herein and is subject to change without notice. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Inherent in any investment is the potential for loss. performance is no guarantee of future results. Thus, it can be safely concluded that there's a lot more upside to come for Bitcoin mining companies.Ĩ0 ext. The Zacks Rank #2 (Buy) company's expected earnings growth rate for the next year is 52.6%. You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here.Ĭleanspark is another company that invested heavily to increase its hash rate by nearly 1 EH/s. The Zacks Rank #3 (Hold) company's expected earnings growth rate for next year is 20.8%. recently agreed with mining hardware manufacturer MicroBT. Similarly, to improve its hash rate capacity, Riot Platforms, Inc. The Zacks Rank #2 (Buy) company's expected earnings growth rate for the current year is 50%. It aims to increase its total hash rate to 9.8 EH/s. Hut 8 Mining has recently merged with US Bitcoin Corp to increase its total hash rate substantially. They are increasing their hash rate, and positioning themselves to buy more machines in the long run. Mining companies, meanwhile, have made expansion moves, indicating long-term strength in the industry. With the price of Bitcoin expected to shrug off this temporary dip, and finally gain strength, Bitcoin mining stocks are positioned to scale upward. Good Times Ahead for Bitcoin Mining Companies This exchange will allow the trading of Bitcoin. Simultaneously, The Charles Schwab Corporation is backing a new crypto exchange called EDX Markets. BlackRock, Inc has requested regulators to launch a Bitcoin ETF, which will in due course lead to more retail participation. ![]() This is because large financial institutes, at the moment, are showing keen interest in Bitcoin. Over the past 24 hours, the price of Bitcoin dropped 1% to $30,250 and traded just above the psychologically vital $30,000 level. Fears of Higher Rates Drag Down the Price of BitcoinĪ resilient labor market driving rate hike expectations dragged the price of Bitcoin lower on Jul 7. And with inflation still running above the Fed's target of 2%, the central bank is expected to remain aggressive in its monetary policy. However, the Federal Reserve is trying to slow down the pace of economic growth through rate hikes. This means a solid labor market will continue to fuel demand in the economy. Job additions in the month of June remained robust, with strong wage growth and the jobless rate near historic lows. Needless to say, higher rates do weigh heavily on high-risk assets such as digital coins. Now, the question is, can Bitcoin mining stocks also post higher gains in the second half? After all, an interest rate hike in July is already priced in, and further rate hikes are in the cards. On the other hand, mining stocks underperform when spot Bitcoin price declines. This means mining stocks tend to perform even better when Bitcoin prices are moving northward. The difference in the price performance between Bitcoin mining firms and Bitcoin is primarily because of the leveraged beta effect. Prominent Bitcoin mining companies saw their shares outpace the price of the world's most valuable coin by a huge margin in the first half of 2023. Here are highlights from Monday’s Analyst Blog: Bitcoin Mining Stocks Outdo BTC in H1: Will the Trend Last?įor most of this year, driven by the heightened demand for Bitcoin (BTC), miners have gained immensely due to an increase in transaction fees that boosted their bottom lines. Stocks recently featured in the blog include: BlackRock, Inc BLK, The Charles Schwab Corporation SCHW, Hut 8 Mining HUT, Riot Platforms, Inc. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. ![]() Chicago, IL – J– announces the list of stocks featured in the Analyst Blog. ![]()
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