Bitcoin (CRYPTO: BTC) has soared to all-time highs following Donald Trump's election win, also lifting Bitcoin mining stocks on a wave of positive sentiment. Here's a look at what to watch as several Bitcoin miners are set to report earnings before Wednesday's opening bell.
Hut 8 Corp.'s (NASDAQ:HUT) most recent mining update showed 85 Bitcoin produced in September and a hashrate of 19.5 EH/s. Investors will be looking for updated mining totals and average hashrate for the quarter, as well as an update on its GPU-as-a-service subsidiary Highrise AI, Inc. which began generating revenue in the third quarter.
Hut 8 stock notched a new 52-week high of $25.32 Monday as the price of Bitcoin reached all-time highs. Analysts expect the company to report losses of 33 cents per share and revenue of $38.468 million for the quarter.
Bitfarms Ltd.'s (NASDAQ:BITF) October mining update showed the company's mining operations generated 236 Bitcoin and a 3% increase in average operating EH during the month. The company reported reaching its year-end efficiency goal of 21 w/TH three months ahead of schedule and recognized it is behind schedule delivering its mid-year 12 EH/s target.
Investors will be looking for updates on Bitfarms' efficiency and hashrate. According to estimates from Benzinga Pro, analysts expect Bitfarms to report losses of 10 cents per share on revenue of $48.842 million for the quarter.
Cantor Fitzgerald analyst Brett Knoblauch recently initiated coverage of Hive Digital Technologies Ltd. (NASDAQ:HIVE) with an Overweight rating and a price target of $9. Knobluach highlighted Hive as one of the top 10 miners and said the market seems to be "under-appreciating the coming hash rate growth inflection."
Hive Digital announced on Monday it will receive 6,500 Avalon A1566 miners, each offering an average computing power of 185 terahash per second (TH/s), from Canaan Inc. – ADR (NASDAQ:CAN). The initial delivery of 500 units has already been completed and scheduled for immediate installation.
Investors will be interested in Hive's mining totals and average hashrate during the quarter when the company reports on Wednesday before the opening bell. Analysts are expecting the company to report losses of 9 cents per share and revenue of $25.69 million for the quarter, according to Benzinga Pro.
Expert Ideas: H.C. Wainwright & Co. analyst Mike Colonnese released an update on Bitcoin miners and the broader crypto sector following Trump's election win. The analyst sees clear skies ahead for the crypto industry as a "major regulatory overhang" has been lifted with the incoming pro-crypto administration.
"The future of the Bitcoin mining industry and broader crypto sector in the U.S. has never been brighter," Colonnese wrote.
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