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AI-focused bitcoin miners trade at higher valuations than pure-play operators

AI and high-performance computing miners trade at 12.3 times enterprise value versus 5.9 times for pure-play bitcoin miners, as hashprice falls drives some miners to turn off equipment.

Reported · Written up by our desk · Market Structure

CoinDesk reports that bitcoin miners who redirected their power infrastructure toward artificial intelligence and high-performance computing have attracted richer public market valuations and are seeing stronger revenue prospects than companies focused only on bitcoin mining.

According to the outlet, AI and HPC-focused miners trade at 12.3 times enterprise value, compared with 5.9 times for pure-play bitcoin miners, with the gap highlighted during a bear market that has pressured mining economics.

CoinDesk also points to potential upside for mining if bitcoin regains its reported $126,000 all-time high, which it says could lift hashprice to around $59 per PH/s and revive mining economics, citing CoinShares.

The story attributes part of the current squeeze to falling hashprice and a broader “capitulation” trend, saying the Bitcoin network’s hashrate has dropped to 900 EH/s from 1.14 ZH/s, about 21%, as miners turn off machines.

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