Summary
TLDR: After the Bitcoin halving, mining behemoths like Marathon Digital, Riot Platforms, and CleanSpark are poised to acquire machines, properties, and companies. Core Scientific plans to be more pragmatic, while Hut 8 focuses on cost-conscious growth. Sellers post-halving could include Applied Digital and Greenidge Generation. Stronghold Digital may benefit from selling infrastructure, while Argo Blockchain looks to avoid bankruptcy. Big deals between public miners are expected in the second half of 2024. Smaller and less efficient miners may be forced to unplug, presenting opportunities for consolidation.
Key Points
1. Following the Bitcoin halving, some mining behemoths are expected to take a more aggressive approach in acquiring machines, properties, and companies.
2. After the halving, miners will collect 3.125 BTC for each block mined, down from the current level of 6.25 BTC, leading to potential challenges for miners with less capital and higher energy costs.
3. Companies like Marathon Digital, Riot Platforms, CleanSpark, and Core Scientific are positioned to be active acquirers post-halving, with a focus on expanding their hash rate capacity and infrastructure through mergers and acquisitions.