Benchmark declares Bitdeer as one of the most budget-friendly Bitcoin miners

Bitcoin mining company Bitdeer has been identified as having one of the lowest “all-in mining costs” among publicly traded mining firms, which could give it a competitive advantage after the Bitcoin halving, according to Benchmark, an investment banking firm. In a note viewed by Cointelegraph, analyst Mark Palmer announced that Benchmark had started covering Bitdeer Technologies Group, giving it a buy rating and setting a price target of $13. Bitdeer is a subsidiary of Chinese parent company Bitmain, one of the largest manufacturers of Bitcoin mining equipment globally. Palmer justified his buy rating by highlighting the company’s low average power cost of around $0.04 per kilowatt hour, which is one of the lowest among publicly traded mining firms. The rating was also supported by the company’s plans for expansion, high levels of self-mining, and recent foray into artificial intelligence. Bitdeer shares are currently trading at $6.46, down 7.6% for the week and 13.8% for the month, making it the seventh-largest crypto miner by market capitalization, with a value of $768 million.