{"id":1391,"date":"2023-01-23T13:19:16","date_gmt":"2023-01-23T13:19:16","guid":{"rendered":"https:\/\/tradersontrend.com\/?p=1391"},"modified":"2023-01-23T13:19:16","modified_gmt":"2023-01-23T13:19:16","slug":"crypto-stocks-poised-for-more-gains-heres-2","status":"publish","type":"post","link":"https:\/\/tradersontrend.com\/h\/2023\/01\/23\/crypto-stocks-poised-for-more-gains-heres-2\/","title":{"rendered":"Crypto Stocks Poised For More Gains? Here&#8217;s 2"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1391\" class=\"elementor elementor-1391\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d8df92d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d8df92d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2c3f3e62\" data-id=\"2c3f3e62\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-531fa10 elementor-widget elementor-widget-text-editor\" data-id=\"531fa10\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Following a turbulent 2022 marked by a series of bad occurrences culminating in the <a href=\"https:\/\/www.investopedia.com\/what-went-wrong-with-ftx-6828447\">FTX disaster<\/a>, which drove crypto stocks into deeper catastrophe, 2023 has begun with a bang for the industry.<br \/><br \/>As is customary, bitcoin has led the charge, up 38% since the beginning of the year. As a result, other tokens have followed BTC&#8217;s lead and raced ahead as well. <br \/><br \/>The rise has spilled over into the stock market, with crypto-focused stocks profiting from the shift in attitude.<\/p><p>Indeed, Cantor&#8217;s crypto specialist Josh Siegler predicts that the shares of a couple of BTC miners will rise by 60% or more in the next months.<\/p><p>We ran these tickers through the TipRanks database to see what the rest of Wall Street thinks of Siegler&#8217;s decisions. <br \/><br \/>As it turns out, Siegler is not the only one who believes in this stock; both have Strong Buy consensus ratings from the rest of the Street. Let us investigate more.<br \/><br \/><strong><span style=\"font-size: 24.5px; font-family: inherit;\">The Riot Platforms, Inc. (<\/span><a style=\"font-size: 24.5px; font-family: inherit;\" href=\"https:\/\/www.google.com\/finance\/quote\/RIOT:NASDAQ\">RIOT<\/a><span style=\"font-size: 24.5px; font-family: inherit;\">)<br \/><br \/><\/span><\/strong><span style=\"font-family: inherit;\">Riot Platforms, one of North America&#8217;s top bitcoin mining firms, is Cantor&#8217;s first crypto choice. <br \/><br \/>The company plans to expand its operations by boosting its bitcoin mining hash rate and infrastructural capacity.<\/span><\/p><p>Riot had only 3.1 EH\/s self-mining capacity at the end of 2021, but that has significantly increased in recent months, and the firm ended 2022 with 9.7 EH\/s, helped by the deployment of recent miner purchases, bringing its total deployed fleet to 88,556 miners. <br \/><br \/>With the future expansion plans, the business expects to reach a hash rate of 12.5 EH\/s by the end of Q1 as the Rockdale, Texas, operation adds a new building and more miners are installed. Riot is also putting together 200 MW of immersion-cooling infrastructure. <br \/><br \/>Furthermore, the company hosts around 200 MW of institutional <a href=\"https:\/\/www.investopedia.com\/terms\/b\/bitcoin-mining.asp\">Bitcoin mining<\/a> clients. Riot has undergone a rebranding, switching from Riot Blockchain to Riot Platforms.<br \/><br \/><strong><span style=\"font-size: 24.5px; font-family: inherit;\">Mining Data and Stock Recovery<br \/><br \/><\/span><\/strong><span style=\"font-family: inherit;\">Aside from quarterly results, the corporation gives monthly operational updates. <br \/><br \/>The most recent for December, saw Riot mining 659 BTC, a 55% increase over December 2021. <br \/><br \/>The corporation made a profit of approximately $10.2 million by selling 600 BTC.<\/span><\/p><p>Riot shares were annihilated last year, but have recovered 88% since the December lows. <br \/><br \/>However, Cantor&#8217;s Josh Siegler believes they have more room to grow.<\/p><p>Siegler makes RIOT his &#8220;<em>Crypto Top Pick<\/em>&#8221; laying out the bull argument. &#8220;<em>With scale being key in this business, we are optimistic about RIOT&#8217;s potential to mine more Bitcoin than competitors and reinvest the proceeds to further build scale,<\/em>&#8221; he adds. <br \/><br \/>Gross margin remained best-in-class at 65%, owing partly to the company&#8217;s unique energy agreements&#8230; Unlike other miners, RIOT does not require more debt or equity to meet its targets.<\/p><p>Siegler&#8217;s bullish outlook is backed up with an Overweight rating on RIOT shares, and a $12 price target, implying a 61% one-year upside potential from present levels.<br \/><br \/><strong><span style=\"font-size: 24.5px; font-family: inherit;\">CleanSpark Inc. (<\/span><a style=\"font-size: 24.5px; font-family: inherit;\" href=\"https:\/\/www.google.com\/finance\/quote\/CLSK:NASDAQ\">CLSK<\/a><span style=\"font-size: 24.5px; font-family: inherit;\">)<br \/><br \/><\/span><\/strong><span style=\"font-family: inherit;\">CleanSpark, another bitcoin miner, is the next Cantor-endorsed crypto stock. <br \/><br \/>However, this was not always the case with this company. CleanSpark began as a provider of microgrid solutions and will begin mining operations by the end of 2020. <br \/><br \/>However, mining has become the company&#8217;s primary focus since then, with the company now a full-fledged bitcoin miner.<\/span><\/p><p>The company owns bitcoin mining facilities in Atlanta, Georgia, and co-locates miners in Massena, New York. Although bitcoin mining is notoriously energy-intensive, CleanSpark bills itself as a sustainable mining company that mines primarily with renewable or <a href=\"https:\/\/en.wikipedia.org\/wiki\/Low-carbon_power\">low-carbon energy<\/a> sources. <br \/><br \/>The company&#8217;s capital management philosophy entails selling a large portion of the BTC mined, with the earnings used to fund future expansion. <br \/><br \/>Despite the industry&#8217;s limitations, CleanSpark was able to increase its hash rate from 2.1 EH\/s in January 2022 to 6.2 EH\/s in December.<br \/><br \/><strong><span style=\"font-size: 24.5px; font-family: inherit;\">Mining Figures for CLSK<br \/><br \/><\/span><\/strong><span style=\"font-family: inherit;\">According to the company&#8217;s most recent report, its fleet of 63,700 latest-generation bitcoin miners mined 464 bitcoin in December, culminating in annual production of 4,621 &#8211; a more than 200% increase. <br \/><br \/>The corporation sold 517 bitcoins in December at an average price of $17,000 per bitcoin, producing $8.7 million in revenue.<\/span><\/p><p>At the same time, the business said that its CY23E hash rate forecast has been reduced from 22.4 EH\/s to 16.0 EH\/s due to delays in infrastructure expansion at Lancium, where CleanSpark has inked an agreement to deploy some of its mining equipment.<\/p><p>While the hash rate will be lower by the end of the year, Siegler sees the change as a &#8220;<em>clearing event<\/em>&#8221; for this crypto stock.<\/p><p>&#8220;<em>A 16.0 EH\/s target would still cement CLSK as one of the industry&#8217;s largest vertically-integrated self-miners,<\/em>&#8221; the analyst noted. &#8220;H<em>owever, we feel the corporation has greater foresight and control over the development of its self-mining locations than the co-location infrastructure. Furthermore, the business revealed that its new hash rate projection required only 95,000 rigs and $70MM in CapEx. Assuming rigs can be purchased for $15\/TH, the revised cost for meeting its desired hash rate is $212.5MM. This compares favorably to our current conservative estimate of $350MM and will almost certainly result in reduced stock dilution.<\/em>&#8220;<\/p><p>CleanSpark shares have risen 48% from their low in December, but Siegler believes they still have plenty of room to grow. <br \/><br \/>The analyst assigns the company an Overweight rating, and a $5 price target. The amount allows for 89% one-year returns.<\/p><p><em>For More Stocks And Investment Related News, Click\u00a0<a href=\"https:\/\/tradersontrend.com\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/tradersontrend.com\/&amp;source=gmail&amp;ust=1674553352105000&amp;usg=AOvVaw1kJBhIeumr0u2kLcMOtAM4\">Here<\/a>.<\/em><\/p><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Following a turbulent 2022 marked by a series of bad occurrences culminating in the FTX disaster, which drove crypto stocks into deeper catastrophe, 2023 has begun with a bang for the industry. As is customary, bitcoin has led the charge, up 38% since the beginning of the year. As a result, other tokens have followed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[126,129,159,509],"class_list":["post-1391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter","tag-cleanspark","tag-clsk","tag-crypto-mining","tag-riot"],"_links":{"self":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts\/1391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/comments?post=1391"}],"version-history":[{"count":0,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/posts\/1391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/media\/1392"}],"wp:attachment":[{"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/media?parent=1391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/categories?post=1391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersontrend.com\/h\/wp-json\/wp\/v2\/tags?post=1391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}