Bitcoin mining operators are pushing for market shares in 2022

"Although we believe that our estimate of the growth of the hash rate is relatively aggressive compared to the consensus, we see them as a more conservative approach, since the income of the miners and the costs per BTC are directly related to the global proportion of the hash rate, which may indicate an upward potential of our estimates if the growth is lower than expected," wrote White.

Bitcoin was traded on Tuesday at 2:00 p.m. ET with around $ 38,800.

Compass Point expects Bitcoin prices to be around $ 49,000 this year-at $ 65,000 at the end of the year-and will increase to $ 81,000 in 2023. The expected increase is partly due to the resistance of BTC during the Russian invasion in Ukraine and in particular to the expected increasing acceptance worldwide among small investors, White.

"We do not believe that all miners are created equally, and we believe that in 2022 the year is the year in which investors will start to deal with the distinguishing features between companies and their business," he wrote. "These factors prompt us to prefer marathon (Mara) among the scaled miners and Stronghold Digital.

Marathon versus riot-blockchain

marathon has 35,510 active miners who produce about 3.8 EH/s, the company reported last week. It increased the hash rate by 8 %compared to the previous month after 2,800 miners were used.

Marathon broke 360.3 bitcoins in February-an increase of 730 % compared to 43.4 bitcoins in February 2021. The company now has 8,956 bitcoins that currently have a value of almost $ 350 million

While many miners go the vertically integrated path by having infrastructure and power sources, according to Charlie Schumacher, Vice President for Corporate Communication, Marathon has taken the opposite tactic.

The company has its machines, but works with other companies that provide infrastructure, as well as with energy companies that mainly offer renewable energies, he said. The purchase of infrastructure is not an attractive return for marathons investment, said Schumacher.

"We could have spent $ 750 million for the construction of a data center, but instead we spent $ 750 million to go out and buy machines and increase our hashates," said Schumacher. "We prefer to buy assets that generate income than our own assets that do not."

hut 8 miningein company that is not included in the Compass Point report recently acquired five data centers to expand its cloud computing business.

The focus of marathon is on the use of the miners bought this year. Marathon expects 199,000 Bitcoin miners to produce about 23.3 EH/s by the beginning of 2023, said Schumacher, and expects his mining operations to be 100 % CO2-neutral by the end of 2022.

The status of the company as a scaled miner with plenty of access to capital probably gives him a first insight into the available hosting capacity, White wrote. He lowered Riot Blockchain's evaluation from Buy to neutral and found that marathon offers better upward potential.

riot produced 436 bitcoins, which means that the total stock is 5,783 BTC, the company reported last week. Riot, which has a fleet of 38,310 miners with a hashrate of 3.9 EH/s, expects a total capacity of the self-mining hashrates of 12.8 EH/S.

As for other miners mentioned in the report, Compass Point kept his merchanting for Argo Blockchain and classified his rating for Iris Energy from "Buy" to "Neutral".

Stronghold's focus 2022

The PARK PAST PAST POINT FOR STRONGHOLD compared to other smaller miners is due to the relatively low electricity costs, the diversified sources of income and the inexpensive options for additional power capacity.

"We recognize that there is a risk of execution on the way to capacity," wrote White.

The company that went to the stock exchange last year produces electricity from the waste product of the old coal mining. It focuses on maximizing the advantages of your own electricity, which usually represents the greatest costs for miners.

"By owning our own electricity systems, we can further expand our mining company and at the same time clean the environment," said Greg Beard, CEO of Stronghold, in an email to block works. "It also enables us to stabilize the power grid in the region at a time questionable energy safety, not only locally and regional, but globally."

The company acquired its second facility last November, Panther Creek Energy Facility in Pennsylvania. It was reported that there were about 14,000 miners with a capacity of 1.3 EH/s in January.

"We are connecting miners and expanding our mining power as quickly as we can," said Beard. "This will really release the growth potential of our vertically integrated company because we will have the lowest electricity costs in the industry."

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