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 U.S.-Listed Bitcoin Miners Have the Upper Hand Over Unlisted Peers: Bernstein. 
The ability to raise debt or equity in the world's deepest capital markets is a large advantage, the report said. Bitcoin (BTC) miners listed in the U.S. have a large advantage over their unlisted peers because their easier access to funding offers them more financial options than privately held firms or those that trade elsewhere, broker Bernstein said in a research report on Monday.
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 Potential for Consolidation: As U.S.-listed miners leverage their capital-raising capabilities, they are well-positioned to consolidate the market. This consolidation can lead to a more streamlined industry with fewer players, potentially increasing efficiency and profitability across the sector. 
 Consolidation in the Sector: Bernstein views large publicly traded U.S. bitcoin miners as potential consolidators within the industry. They recommend that these miners focus on growing their market share and increasing their hashrates, rather than selling mined bitcoin at a loss