Bernstein has issued an “Outperform” rating for Riot Platforms (NASDAQ:RIOT) with a price target of $22, indicating a 196% upside from its current price of $7.42.
What Happened: The investment bank bases its optimistic forecast on Riot’s strategic focus on Bitcoin (CRYPTO: BTC) mining, extensive power capacity and its positioning in the cryptocurrency market.
Riot is currently building the world’s largest Bitcoin mining data center in Corsicana, Texas, aiming for a 1-gigawatt (GW) power capacity.
By 2025, the company is expected to control 8% of the Bitcoin network, translating to an estimated 57 exahashes per second (EH/s) of the network’s hash rate.
“We …
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