Bitcoin Miners Core Scientific, Riot Platforms, CleanSpark, Iris Energy See Price Targets Slashed: Bernstein
Bitcoin (CRYPTO: BTC) miners have faced a challenging year, but analysts at Bernstein remain optimistic, driven by a blend of AI opportunities and Bitcoin’s valuation support.
What Happened: In a report released on Thursday, Bernstein analysts revised their models for major Bitcoin mining companies, reflecting shifts in hash rates, AI/high-performance computing (HPC) prospects, and steady Bitcoin price forecasts.
The report highlights a growing institutional focus on miners’ AI potential, even as their stock performance lags behind Bitcoin’s year-to-date correction.
The Bernstein note points out that despite a 20-40% decline in miner stocks this year—outpacing Bitcoin’s 10% drop—cheap valuations and positive EBITDA projections for 2025 justify their Outperform ratings on several firms.
The analysts point to updated hash rate estimates, power reallocations toward AI/HPC, and new contracts as key drivers behind their revised price targets for miners.
For Core Scientific (NASDAQ:CORZ), Bernstein set a price target of $17, down from an earlier estimate but still reflecting a 150.3% potential upside from its March 19 closing price of $8.68.
The firm’s confidence stems from CORZ’s robust 590 MW data center contracts with CoreWeave, a significant player in AI computing.
“Almost 45% of CoreWeave’s contracted power capacity is …
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