Benchmark starts ‘differentiated’ bitcoin miner Bitdeer with a Buy

As previously reported, Benchmark initiated coverage of Bitdeer with a Buy rating and $13 price target. Bitdeer is a “relatively new story in the bitcoin mining space” that went public via a SPAC merger in April 2023 and has built a global data center operation with six data centers across the U.S., Norway, and Bhutan, the analyst tells investors. Benchmark views the Singapore-based company as differentiated from its publicly traded peers due to its scalable infrastructure with one of the lowest all-in mining costs in the space, diverse revenue streams, and its recent expansion into artificial intelligence, high-performance computing solutions and the design and manufacture of advanced mining rigs, the analyst added.