Will Canny is CoinDesk's finance reporter.
The broker noted that bitcoin miners with the lowest costs have increased market share since the halving.mining difficulty fell around 6% last week in the most significant decline since the crypto winter of December 2022, and this is a positive development for some of the miners, broker Bernstein said in a research report on Monday.
“A temporary pause in bitcoin price is actually good for the incumbent lower cost bitcoin miners, as hashrates remain capped and strong miners can execute on their aggressive capex and M&A plans to grow market share,” the authors wrote. “And finally, when bitcoin price momentum picks up, miners can harvest high dollar revenues over higher production,” the report added.
The broker doesn’t predict a major drawdown in the bitcoin price, expecting the cryptocurrency to remain range-bound and to break out to the upside once spot exchange-traded funds see allocations from registered investment advisors , wealth platforms and other institutional funds.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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