Bitcoin

Cantor Fitzgerald, a renowned Wall Street firm, recently highlighted <a href="https://ultramining.com/news/en/bitdeer-pioneers-crypto-mining-expansion-with-norway-and-bhutan-data-centers/">Bitdeer</a> as an undervalued Bitcoin mining company. Bitdeer's stock surged 50% this month. According to Cantor, Bitdeer’s stock has the lowest implied value among the miners they cover, according to <a href="https://decrypt.co/236028/bitdeer-btdr-undervalued-cantor-fitzgerald">Decrypt</a>. 
Cantor’s report states that Bitdeer can quadruple its <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> capacity. As of May 2024, Bitdeer had a total hash rate of 22.5 exahashes per second (EH/s). The company plans to add 1,079 megawatts of power to its <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/">data centers</a>. This addition could increase its hash rate by another 59.5 EH/s, surpassing Marathon Digital’s expected 50 EH/s. 
Cantor predicts Bitdeer's EBITDA to reach $576.7 million in 2025. This would be nearly half of its current $1.25 billion market cap. Bitdeer’s vertical integration and ability to produce its own mining machines provide a significant edge. Cantor estimates that Bitdeer’s commercial rig business could be worth $18.46 per share.&nbsp;&nbsp; 
Bitdeer traded at $9.08 last Friday. Cantor noted that most public miners’ all-in cost to mine one BTC would be below the market price of 1 BTC ($65,200). Bitdeer's estimated <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> cost is just $17,744 per coin.&nbsp;&nbsp; 
Cantor Fitzgerald’s CEO, Howard Lutnick, revealed that <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">Tether</a>, the largest stablecoin provider, holds a significant stake in Bitdeer. Tether recently acquired a 25% stake in Bitdeer, enabling the mining firm to raise $100 million.

Cantor Fitzgerald: Best Bitcoin Mining Stock Isn’t American

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