Bernstein, a research and brokerage firm, reports that US-listed bitcoin miners have a significant advantage over their unlisted peers because of their ability to raise capital in the deepest capital markets in the world. This ease of access to capital provides them with more financial options, especially in capital-intensive industries. Bernstein notes that the large publicly traded bitcoin miners in the US are gradually becoming industry consolidators. Leading miners should focus on expanding market share and improving hashrate, rather than making up for funding needs by selling mined cryptocurrencies at low prices. This view is further supported by recent fundraising moves by Marathon Digital, Riot Platforms, Core Scientific, and Bitdeer, which have raised funds through the issuance of convertible bonds and shares, respectively, to expand their market presence. In addition, Bernstein emphasized that while bitcoin mining and artificial intelligence (AI) data centers share similarities in terms of power demand and high-density power specifications, their business models are completely different. Nonetheless, scaling is critical for both. The report also reiterates that with increased institutional adoption and the popularity of exchange-traded funds (ETFs), bitcoin prices are expected to reach new highs around $200,000 in 2025.