Bitcoin miners pivoting to AI/HPC contracts are commanding higher valuations, with those holding HPC contracts trading at 12.3x enterprise value compared to 5.9x for pure-play miners.
This divergence comes as declining Bitcoin prices and hashprice squeeze pure-play operators, while companies like TerraWulf, IREN, and Cipher Digital have more than doubled over the past year. In contrast, Marathon Digital (MARA), a laggard in the AI pivot, fell 40% in the same period. The Bitcoin network's hashrate has dropped by 21% to 900 EH/s amid this capitulation cycle.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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