Bitcoin mining stocks outperformed other cryptocurrency-related stocks on Thursday, after multiple industry takeover bids drew attention to who might be the next target. Recently, Riot Platforms (RIOT), one of the largest miners, began a hostile takeover bid for peer Bitfarms (BITF), while artificial intelligence firm CoreWeave proposed to acquire another major miner, CoreScientific (CORZ). While both Bitfarms and CoreScientific have rejected takeover offers, the takeover attempts are a reminder to investors that the industry may be ready for mergers. Lucas Pipes, analyst at B. Riley, said power contracts and lower valuations could be catalysts to kick-start the consolidation phase for mining stocks. "We believe the rosy outlook for the power market could catalyze increased M & A activity this year, particularly as valuations remain highly variable," he wrote in a note.