Deep Trend TechFlow News, on September 18, according to The Block, analysts from research and brokerage firm Bernstein issued a report saying that the stock prices of Bitcoin mining companies focusing on AI, such as Core Scientific, IREN and Terawulf, performed better than those that only focused on Bitcoin. Mining competitors. This is mainly due to investors having greater confidence in its data center business model. Nonetheless, all listed miners have “significant upside” potential stemming from the power mix they control and expected Bitcoin price increases.
The report pointed out that AI mining companies have gained favor among investors through business diversification, better valuation multiples, predictable revenue streams and more flexible market strategies. IREN has performed particularly well, planning to double its GPU equipment and computing power by the end of the year, and AI cloud services are expected to contribute about 10% of its revenue. In contrast, large traditional mining companies such as Marathon, Riot Platforms and CleanSpark hold a large amount of Bitcoin, and the proportion of mined Bitcoin sold this year is lower than in 2023. Bernstein expects that the share prices of pure mining companies may bottom out at current levels and benefit from the acceleration of the Bitcoin cycle after the uncertainty of the US election is eliminated.