Bitcoin mining is booming in the United States and we expect ~2.5 GW of new cumulative mining capacity will be added by crypto mining companies in the U.S. this year.
Today, Foundry USA is the biggest mining pool globally, and North America has been the clear beneficiary of China’s cryptocurrency ban in 2021.
We see a huge untapped opportunity for Bitcoin mining companies. We initiate Marathon Digital Holdings with Overweight and Cipher Mining and Riot Blockchain with Neutral.
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