Bitcoin miner Hut 8’s diversified revenue streams could give it an edge over competitors in the long term, according to analysts at Benchmark.

The research firm started covering the stock on Monday, three days after the Bitcoin halving — when per-block rewards dropped from 6.25 BTC to 3.125 BTC. 

Mark Palmer, a senior equity research analyst at Benchmark, gave Hut 8 a buy rating and a price target of $12 — roughly 50% higher than the level it trades at today.

The stock was trading up 5% at $8.49 midday Monday — down 36% year to date but up 16% in the last five days.  

Read more: How the Bitcoin halving could impact ailing mining stocks

Hut 8 has a 2025 enterprise…

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