10x Research, in its strategy report The Bitcoin Mining Wars Are Growing - How to Get Involved?, says it sees Bitfarms as the main beneficiary of the ongoing consolidation in the Bitcoin mining industry. While crypto miner stocks, such as Bitfarms, are likely to rise further, they are more inclined to invest in the context of the underlying bullish trend in Bitcoin. Despite MicroStrategy's announcement of a proposed non-public offering of $500 million convertible senior notes to buy more Bitcoin, the market reaction was relatively calm and not the same as in Q4 2023 and Quarter 1 2024, when the news led to a significant increase in retail speculative activity and higher funding rates.