New Bernstein Miner Targets for 2025 (Patreon)

Bitcoin miners have had a tough year, with big stock declines outpacing Bitcoin's drop. However, Bernstein analysts remain bullish, citing AI opportunities and solid Bitcoin price support. In their latest report, they adjusted price targets for major miners based on updated hash rates, AI/high-performance computing (HPC) shifts, and steady Bitcoin forecasts.

Key updates include:

• Core Scientific (CORZ): Price target set at $17 (down slightly), offering a 150.3% upside from $8.68, driven by its 590 MW AI data center deal with CoreWeave.

• Riot Platforms (RIOT): Target cut to $19 from $22 (146.9% upside from $7.78), as it shifts 600 MW of its 2 GW Corsicana site to AI/HPC, pausing Bitcoin mining growth.

• CleanSpark (CLSK): Target lowered to $20 from $30 (170% upside from $8.01), impacted by higher industry hash rates.

• Iris Energy (IREN): Target reduced to $20 from $26 (174.9% upside from $7.20), also facing hash rate pressures.

• Marathon Digital (MARA): Market-Perform rating with a $23 target (153.7% upside from $12.53).

Bernstein sees miners' cheap valuations, positive 2025 EBITDA projections, and AI diversification as reasons for optimism, despite stock underperformance relative to Bitcoin.

Note I am currently 1.6% Bitcoin Miners in my Portfolio. My MSTR position is 35x larger than all my miners combined.... much due to the performance.

Price gain since BTC Bottom.