Odaily Planet Daily News reports that Morgan Stanley analyst Stephen Byrd stated that despite Bitcoin prices dropping 44% since October, Bitcoin mining companies have gained new life as AI data centers. Stephen Byrd initiated coverage on Terawulf and Cipher Mining on Monday, expecting their stock prices to increase by 159% and 158%, respectively. Stephen Byrd pointed out that the core asset of mining companies is access to electricity, and AI companies are willing to pay a premium to acquire electricity, with the economic benefits of AI businesses surpassing those of cryptocurrency mining. Currently, Terawulf has signed a 510 MW power agreement with Google, and Cipher Mining has reached similar collaborations with companies like Amazon. Additionally, Stephen Byrd assigned a underperform rating to MARA Holdings, believing its AI strategy is not focused enough.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
SIREN Soars by Triple Digits Again, Bitcoin Dipped to 4-Week Low: Weekend Watch
Bitcoin faced significant volatility, dropping to a local low of $65,500 after failing to break past $72,000. Major altcoins also declined, with ETH below $2,000. The total crypto market cap is down $60 billion amidst this downturn.
CryptoPotato3m ago
Bitcoin drops to two-week low as $300 million in longs are liquidated
The crypto market tumbled to the lowest levels in more than two weeks, with bitcoin BTC$66,212.05 dropping below $67,000 and ether (ETH) closing in on $2,000. The CoinDesk 20 Index (CD20) lost 2.2% since midnight UTC, reaching its lowest since March 9.
The fall coincided with a drop in U.S.
CoinDesk52m ago
Bitcoin traders see 53% odds of sub-$66K BTC by April 24
Key takeaways:
Bearish sentiment is rising as Bitcoin options professional traders lose confidence that the $66,000 level will hold for long.
The exit of David Sacks as the Crypto and AI czar and a lack of a clear US Strategic Bitcoin Reserve plan added to investorsâ doubts.
Bitcoi
Cointelegraph1h ago
