KBW downgrades three Bitcoin mining firms

U.S. investment bank Keefe, Bruyette & Woods (KBW) has downgraded its investment ratings for Bitfarms, Bitdeer, and HIVE Digital from Outperform to Market Perform, Cointelegraph reported. In a report, KBW stated that while the companies' attempts to pivot to artificial intelligence (AI) and high-performance computing (HPC) hosting are positive, the path to monetization involves significant execution risks and could be lengthy.