According to The Block, based on the trend of transitioning towards artificial intelligence and high-performance computing (HPC), financial services group Macquarie has given Bitcoin mining stocks such as MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining an "outperform" rating.

In recent years, Bitcoin mining companies have gradually diversified their business, providing AI and HPC hosting infrastructure in addition to pure cryptocurrency mining. Macquarie analysts Paul Golding and Emma Liang stated that this trend accelerated after the fourth Bitcoin halving in April.

Analysts wrote in a report released on Tuesday:

Some miners see their unprecedented access to electricity as an opportunity to diversify into custody businesses unrelated to cryptocurrency. Others believe this will interfere with accumulating Bitcoin on the balance sheet... but in most cases, the growth of mining capacity and/or land/GPU acquisitions for HPC/AI are achieved through diluted equity issuances

Macquarie believes that as the transition to HPC accelerates, multiple mining companies will benefit significantly in the long term. Analysts also pointed out that although the operation of AI cloud products in Bitcoin miners' facilities is still in the early stages, these companies have the potential to play an important role in the AI computing market.

They stated that the convergence of power infrastructure, computing resources, and bandwidth in the mining industry represents tangible value that exceeds Bitcoin's expected appreciation. As demand continues to exceed supply, the demand for AI computing infrastructure provides a "mark to market" opportunity.

Opinions on various mining companies

Within Macquarie's institutional Bitcoin miner community, MARA (formerly Marathon Digital, stock code MARA) continues to have the largest deployment capacity while providing infrastructure for the industry. They set a target price of $22 for the stock and consider it the largest company with extensive exposure to Bitcoin infrastructure. MARA closed at $16.14 on Wednesday, down nearly 30% year to date.

Macquarie stated that Riot's mining site is relatively large in the industry, and once fully constructed, it will improve operational efficiency while promoting the development of customized cooling infrastructure. Riot's stock (stock code RIOT) closed at $7.44 on Wednesday, down 51% year to date. Macquarie has set a target price of $15 for the stock.

Core Scientific is currently the only mining company with large-scale HPC/AI custody transactions, which diversifies its revenue and reduces Bitcoin risk. The target price of $16 offered by Macquarie is based on the company's AI custody opportunities while maintaining its BTC mining scale. Core Scientific's stock (stock code CORZ) closed at $12.35 on Wednesday, with an increase of over 260% in 2024.

Macquarie pointed out that CleanSpark continues to acquire small mining companies while maintaining its sustainable development spirit and increasing the scale of its merged mines. Given the company's differentiated characteristics in terms of geographic location and acquisition strategy, Macquarie has set a target price of $20 for its stock. CleanSpark's stock (stock code CLSK) was trading at $9.34 on Wednesday, down 12.5% year to date.

Macquarie stated that Cipher Mining is reaching its peak of development, and its wholly-owned Odessa mining site has been completed. The company has also announced a series of new mining sites that support Bitcoin mining and/or HPC. Given that we believe there may be a turning point in profits and scale in the near future, the company has set a target price of $6 for its stock. Cipher Mining's stock (stock code CIFR) was trading at $3.86 on Wednesday, a 6.4% decline from the beginning of the year to date.

(责任编辑：金店)

• ·特朗普放弃对欧盟征收50%关税的重磅消息，比特币涨势出现动摇
• ·10月31日创金合信积极成长股票C净值增长2.63%，近6个月累计上涨26.33%
• ·研发费用加计扣除减免税怎么计算
• ·10月31日民生加银创新成长混合C净值下跌0.84%，今年来累计下跌19.7%
• ·摩根大通和道明银行发布数据泄露警报，称恶意员工窃取敏感信息，引发多名客户欺诈交易
• ·10月31日国投瑞银瑞源灵活配置混合C净值增长0.59%，近3个月累计上涨8.55%
• ·比特币行情区块链
• ·10月31日国联价值成长6个月持有混合A净值下跌0.16%，近1个月累计上涨0.6%
• ·etp交易平台
• ·10月31日财通医药健康混合A净值下跌1.00%，近1个月累计下跌4.53%
• ·DeFi 与传统银行：零进入成本的全球经济之战
• ·10月31日国投瑞银核心企业混合净值下跌0.54%，近1个月累计下跌3.56%
• ·股权稀释怎么会计处理
• ·10月31日华富永鑫灵活配置混合A净值下跌1.72%，近1个月累计下跌4.81%
• ·唯币ven价格-唯币是什么
• ·10月31日农银先进制造混合C净值增长0.34%，近3个月累计上涨7.09%