CORZ stock hasn’t been immune to the bearish developments since going public via the SPAC route in January, the shares have lost 84% of their value. However, when bitcoin hits the skids, bitcoin miners are naturally affected too. the $9.63 million of the same period 12 months ago, while hosting revenue from clients came in at $27.34 million compared to $8.4 million in 1Q21. Digital asset mining income reached $133 million vs. EPS of $0.31 handsomely beat the Street’s $0.09 call. In the latest quarterly report – for 1Q22 - revenue saw a 254.9% year-over-year growth to reach $192.52 million, although the figure came in just shy of the $196.67 consensus estimate. Furthermore, to seek out additional opportunities in blockchain, the company also boasts its own R&D team.Īs noted above, the 2021 production outpaced all rivals, and the good news is that the company remains on track to beat that performance in 2022. And to oversee its miners and boost efficiency, the company has developed its own software, Minder. Core has its own infrastructure and data centers, which in order to reduce risk, are geographically scattered across Texas, North Dakota, Oklahoma, North Carolina, Kentucky, and Georgia. Outstanding mining performance aside - for its own mining operations last year, the company mined 5,700 BTC, the biggest annual haul ever by a publicly-traded company (Core also mines for its customers too) – the company stands out due to a number of unique selling points. Let’s first take a look at Core Scientific, one of the figureheads in high-performance, net carbon neutral blockchain infrastructure and the mining of digital assets. They all operate in the BTC mining space, they are rated as Strong Buys by the analyst community, and they offer plenty of upside potential in the year ahead. Here’s the lowdown. With this in mind, we scoured the TipRanks database and homed in on three names which are set to benefit from a potential rise in bitcoin’s value.
And where the BTC price goes, so do the prices of stocks operating in its ecosystem.
While Deutsche Bank's Marion Laboure does not anticipate last year’s peak to be achieved over the near-term, using S&P 500 stocks as a reference, and factoring in the effect of higher interest rates, the senior strategist believes that by the end of the year, bitcoin’s price could climb back up to $28,000 – a 45% increase from current levels.
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