Bitcoin Miners HIVE, Bitfarms, and Bitdeer Rated

KBW Made Rating Adjustments

KBW has downgraded the performance ratings of Bitfarms, Bitdeer, and HIVE Digital from outperform to market perform. Analyst Stephen Glagola emphasized that there are uncertainties in these companies' transitions towards artificial intelligence and high-performance computing (HPC) sectors.

Rising Debts and High Capital Expenditures

The analyst noted that the increasing debt burden and high capital expenditures associated with the expansion of mining operations are concerning. Bitcoin mining margins are currently hovering near zero-profit levels.

Decline in Price Targets

Price targets for Bitdeer and HIVE have been lowered. On the other hand, Bitfarms raised its price target to $3 due to its potential in data centers in the U.S.