BIT Mining early year results confirm progress, says H.C. Wainwright

H.C. Wainwright says BIT Mining’s (BTCM) March mining production update yesterday showcased a “solid bump up” in energized and available power and while the firm is not changing estimates, it could see “double-digit million” revenue numbers reported for Q1, which it adds would be “nicely above our current $9.1M estimate.” Given the current price action and the firm’s positive stance on bitcoin, along with BIT Mining’s operating progress, the analyst says “budding fundamental rationale is building behind these levels as an entry point for investors,” but remains Neutral rated for now in wait for the Q1 results.