EddieJayonCrypto

 19 Jul 24

tl;dr

Bitcoin's price has surged by 7% in the last five days, leading to a corresponding rise in the stock prices of four of the five largest publicly traded miners. However, Iris Energy Ltd (IREN) has seen a 15% drop following a report questioning the suitability of its site for artificial intelligence (...

Bitcoin's price has surged by 7% in the last five days, leading to a corresponding rise in the stock prices of four of the five largest publicly traded miners. However, Iris Energy Ltd (IREN) has seen a 15% drop following a report questioning the suitability of its site for artificial intelligence (AI) or high-performance computing (HPC).

Bitcoin mining companies are increasingly focusing on diversification, particularly in AI and HPC, to generate additional revenue. This trend has attracted investor interest and even prompted takeover attempts and financial maneuvers. Additionally, some mining companies are exploring mining other cryptocurrencies, such as Kaspa, to supplement their revenue.

Bitcoin is up 7% over the last five days. With bitcoin’s price surge, the stock prices of four of the five largest publicly traded miners (measured by total hashrate) are up double-digit percentage points. The one laggard, Iris Energy Ltd (IREN), the fifth largest in this quintet, is down 15%.

AI and HPC might seem unrelated to bitcoin mining, but such diversification has become a way for bitcoin miners to make money, as evidenced by Core Scientific’s (CORZ) 200 megawatt (MW) AI deal with CoreWeave last month, which pumped CORZ’s share price by 40%.

The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

More about Iris Energy Ltd

Iris Energy Ltd

Sector: Technology

Industry: Services - Computer Processing & Data Preparation

Revenue: $2,103,717,000

EPS: $-0.06

PE Ratio: 2.179

ROE: -0.0532

Volume: 165,535,000

Market Cap: $16.93

Dividend Yield: 0%

Beta: 3.798

More about C3 Ai Inc

Stock Market Analysis: C3 Ai Inc (C3)

C3 Ai Inc (C3) operates in the Technology, Services-Prepackaged Software sector with a market value of $3,634,700,000.

The stock exhibited a price change of -2.34, closing at $29.35. The Relative Strength Index (RSI) stands at 2.602, indicating a bearish trend. The stock's volatility is at -0.901.

With a trading volume of 310,582,000, C3 faces a resistance level at $29.35. The stock shows no clear breakout indication and a potential support level at $29.15.

Caution is advised as the stock's performance suggests a bearish trend with a slight incline of 0.196.

More about Core Scientific Inc. Common Stock

Stock: Core Scientific Inc. Common Stock

Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.

Sector: Technology

Industry: Services-Computer Processing & Data Preparation

Market Cap: 542,047,000

Dividend Yield: None

Price to Earnings (P/E) Ratio: None

EPS: 1.323

Profit Margin: -0.491

Revenue: 502,400,000

Debt to Equity: 6.75

Return on Equity: 0

Price to Book (P/B) Ratio: 0.171

More about Riot Blockchain Inc
Riot Blockchain Inc Summary

Riot Blockchain Inc Summary

Riot Blockchain, Inc. focuses on the cryptocurrency mining operation in North America. The company is headquartered in Castle Rock, Colorado.

Industry

Life Sciences, In Vitro & In Vivo Diagnostic Substances

Financial Data

Market Cap: 3162196000

Stock Price: 26.07

Dividend Yield: None

P/E Ratio: 0.42

EPS: 1.448

Beta: 0.501

Volume: 286738000

Revenue: 17.91

Net Income: 6.36

EBITDA: 0.083

More about Bitfarms Ltd

Bitfarms Ltd Stock Analysis Summary

Company: Bitfarms Ltd

Sector: Technology

Industry: Services-Computer Programming, Data Processing, etc.

Market Cap: 1,227,009,000

Dividend Yield: None

P/E Ratio: None

EPS: -0.4

ROE: 0.577

ROI: -0.638

Volume: 166,633,000

Current Ratio: 3.94

Quick Ratio: 0

LT Debt/Equity: 0.674

More about Marathon Digital Holdings Inc

Company: Marathon Digital Holdings Inc

Description: Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.

Industry: Real Estate & Construction, Patent Owners & Lessors

Market Cap: 7225208000

Price: 15.97

Dividend Yield: None

P/E Ratio: 1.6

EPS: 2.402

Beta: 0.956

Volume: 501574000

Prev. Close: 23.56

Short Ratio: 0.764

Book Value: 2.231

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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