According to BlockBeats, on September 18, analysts from market research and brokerage firm Bernstein indicated that the stock prices of mining companies such as Core Scientific, IREN, and Terawulf have outperformed their competitors focused solely on Bitcoin mining. This performance is attributed to increased confidence in the data center theory amid Bitcoin price fluctuations.
Analysts noted that mining companies focused on artificial intelligence (AI) have shown strong stock performance due to investor confidence in their diversified business models, higher valuation multiples, more predictable revenue streams, and greater flexibility in the volatile Bitcoin market. Although their hash rate growth may generally be slower than that of single-focus Bitcoin mining companies, AI-focused miners are simultaneously expanding their data center infrastructure, providing additional opportunities in the rapidly growing AI sector.
Large public Bitcoin mining consolidation companies, such as Marathon, Riot Platforms, and CleanSpark, hold significant amounts of Bitcoin on their balance sheets. The proportion of mined Bitcoin sold this year has decreased compared to the same period in 2023, with these companies retaining 100% of their production in August. Analysts stated, 'This shift indicates that large miners are willing to raise funds or accept equity dilution to invest in capital expenditures and expand their market share in Bitcoin mining, rather than liquidating their Bitcoin holdings. Currently, they view AI as a disruption and have not shifted their capacity towards AI.'
