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Barclays: BTC and its miners will make it through the bear market

By Om Labde4 October 2022, 08:00 PM
Barclays: BTC and its miners will make it through the bear market

For Bitcoin (BTC) miners, the crypto winter has undoubtedly been challenging as their profit margins have shrunk as BTC prices have fallen more than 50% this year. The electricity costs have also increased and financing has dried up. Despite this challenging macroeconomic environment, Barclays believes that Core’s present risk/reward ratio is compelling.

Core Scientific offers completely managed hosting solutions for blockchain applications and AI-powered self-mining of digital assets. In August, its self-mining activities yielded 1,334 bitcoins. This achievement was made possible by the 17,000 new servers they installed over the month.

The bitcoin miner is considered by Barclays to be the “best-in-class, leveraged play on the crypto ecosystem” and the bank stated that it is still optimistic about the long-term viability of BTC.

The price of BTC rallied on Tuesday, and shares of the crypto hosting and mining company increased by about 9.5% in premarket trading on the belief that the Federal Reserve will change course from its aggressive liquidity withdrawal policies in response to risks to financial stability and indications of a slowing economy. In order to avoid potential inflation, the UN has also asked central banks around the world to scale back their quantitative easing.

Barclays thinks that miners like Core Scientific will make it through the market downturn as BTC and other relevant assets recover. Bitcoin price has increased by 2.78% in a day to currently trade at $20,178.

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