Analyst launches BTC miner M&A deal tracker

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On September 4th, Mike Colones, Managing Director of Equity Research at H.C. Wainwright, announced the launch of the Bitcoin (BTC) ‘HCW BTC Miner M&A Deal Tracker’ in a note to clients. This indicates a significant event related to the Bitcoin mining industry, specifically the merger and acquisition deal between [Name of the Company] and [Name of the Acquirer]

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Flurry of acquisitions in Bitcoin mining industry

H.C. Wainwright, an expert who analyzes the majority of Bitcoin miners currently active in the market, announced the launch of the HCW BTC Miner Merger and Acquisition Deal Tracker, following a surge of such transactions within the crypto mining sector this year

“A significant number of mergers and acquisitions have taken place since the April 2024 halving event, pushing Bitcoin’s price to a new all-time high above $73,000 in March.”

Remarkably, the downward trend in Bitcoin’s price post-halving has presented challenges for miners in maintaining their operations. This is due to several factors including a block subsidy reduction from 6.25 BTC to 3.125 BTC and an increase in network complexity. The miner exodus, or selling off of mining equipment, played a significant role in the drop of Bitcoin’s price that stabilized near $57,100 on Sept. 4

Bitcoin miner deals top $466 million so far

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In 2024, approximately 67% of the completed transactions were made following the latest reward halving. The total value of these deals amounts to $466 million, with purchasers acquiring around 574 megawatts of capacity at an average valuation of approximately $812k per MW

Among Bitcoin miners with substantial financial resources, some notable companies like CleanSpark and Marathon Digital have engaged in significant Mergers and Acquisitions (M&A). Similarly, Riot Platforms and Bitfarms have also entered into crucial deals, with all-stock acquisitions for Stronghold Digital and GRIID Infrastructure respectively

H.C. Wainwright has a buy rating for CLSK, MARA, RIOT and BITF stocks.

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2024-09-04 18:26