Core Scientific stock climbs 6% after new Buy rating at BTIG

BTIG analyst Gregory Lewis on Thursday initiated cryptocurrency miner Core Scientific (NASDAQ:CORZ) with a Buy rating as on the basis of its vertically integrated business structure. Meanwhile, CORZ stock gains 6% intraday as bitcoin (BTC-USD -1.1%) narrows losses to $37.2K per token. The company, which became public last month, owns mining rigs as well as infrastructure to host those rigs for itself and clients. Riot Blockchain (NASDAQ:RIOT) is another prime example of a vertically integrated bitcoin miner. "While self-mining is the core business, hosting (think a data center model) provides a source of stable revenue which should drive a lower cost of capital versus competitors that solely self mine which should enable management to more efficiently access capital to continue to build out its infrastructure footprint and deploy more self mining rigs," Lewis wrote in a note to clients. Previously, (Feb. 7) Core Scientific mined 1,077 bitcoins in January.