比特幣（BTC）礦工面臨挑戰性的一年，但伯恩斯坦仍然樂觀

在周四發布的一份報告中，伯恩斯坦分析師修改了他們為主要比特幣礦業公司的模型，反映了哈希率的變化，AI/高性能計算（HPC）的前景

Bernstein remains optimistic on Bitcoin (BTC) miners, highlighting opportunities in artificial intelligence (AI) and favorable valuations, according to a report by the analysts.

根據分析師的一份報告，伯恩斯坦對比特幣（BTC）礦工保持樂觀，強調人工智能（AI）的機會和有利的估值。

What Happened: The Bernstein analysts adjusted their models for major Bitcoin mining companies, considering shifts in hash rates, AI/high-performance computing (HPC) prospects, and stable Bitcoin price forecasts.

發生了什麼：伯恩斯坦分析師考慮了哈希率，AI/高性能計算（HPC）前景和穩定的比特幣價格預測的變化，調整了主要比特幣礦業公司的模型。

The report highlights a growing institutional focus on miners' AI potential, contrasting with the lagging performance of miner stocks compared to Bitcoin's year-to-date correction.

該報告強調了越來越多的機構關注礦工的AI潛力，與比特幣的年初糾正相比，礦工股票的滯後性能形成鮮明對比。

"While we prefer to focus on the emerging opportunity in AI, we highlight that the Bitcoin miner stocks have seen a 20-40% decline in 2025e largely due to cheaper valuations and better-than-expected EBITDA projections for 2025e, which leads us to maintain Outperform ratings on several of the miners," the Bernstein note explains.

“雖然我們更喜歡專注於AI中的新興機會，但我們強調，比特幣礦工股票在2025E中的下降20-40％的下降很大程度上是由於估值較低，並且比預期的EBITDA對2025E的預測更好，這使我們保持了對礦業的幾個檯面的勝利，” bernstein node node node nord。

The analysts updated hash rate estimates, considering power reallocations toward AI/HPC and new contracts, leading to revised price targets for miners.

分析師考慮了對AI/HPC和新合同的權力重新分配，更新了哈希率估算，從而為礦工提供了修訂的價格目標。

For Core Scientific (NASDAQ:CORZ), Bernstein set a price target of $17, down from a prior estimate but still offering a 150.3% potential upside from its March 19 closing price of $8.68.

對於核心科學（NASDAQ：CORZ），伯恩斯坦將目標目標定為17美元，低於先前的估計值，但與3月19日的收盤價為8.68美元相比，其潛在上漲空間仍為150.3％。

The firm's confidence stems from CORZ's robust 590 MW data center contracts with CoreWeave, a significant player in AI computing.

該公司的信心源於Corz與AI計算的重要參與者CoreWeave的強大590 MW數據中心合同。

"Almost 45% of CoreWeave's contracted power capacity is contributed by CORZ, highlighting this power dependence and putting to rest fears of an AI capex slowdown that triggered a 40% correction in CORZ's stock price and had peers trading down 20-30% ytd," the report mentions.

報告提到：“ Coreweave的合同能力能力的貢獻是由Corz造成的，強調了這種權力依賴性，並讓人們擔心AI Capex放緩，這引發了Corz的股價40％的糾正，並讓同行交易20-30％YTD。”

Riot Platforms (NASDAQ:RIOT) saw its price target decrease to $19 from $22, suggesting a 146.9% upside from $7.78, as the company allocates 600 MW of its 2 GW Corsicana site power portfolio towards AI/HPC uses, pausing Bitcoin mining expansion.

Riot Platforms（NASDAQ：RIOT）的目標目標從22美元降至19美元，這表明從7.78美元上漲了146.9％，因為該公司將其2 GW Corsicana Site Power Portfolio的600 MW分配給AI/HPC的使用情況，暫停了比特幣礦業的擴張。

The analysts noted, "RIOT with its 2 GW power portfolio is attractively positioned, however, the stock would need a catalyst in form of progress of securing an AI co-location partner for the Corsicana site to be able to realise this potential value."

分析師指出：“及其2 GW功率組合的Riot具有吸引力的位置，但是，該股票將需要採用催化劑，以確保Corsicana站點的AI共同位置合作夥伴的形式，以便能夠實現這一潛在價值。”

CleanSpark (NASDAQ:CLSK) and Iris Energy (NYSE:IREN) received Outperform ratings with price targets of $20 each, down from $30 and $26, respectively, considering higher industry hash rates squeezing market share and cash flows.

CleanSpark（NASDAQ：CLSK）和IRIS Energy（NYSE：IREN）獲得的評級優於價格目標，分別為20美元，分別從30美元和26美元下降，考慮到較高行業的哈希稅率擠壓了市場份額和現金流量。

CLSK's target suggests a 170% upside from $8.01, while IREN's implies a 174.9% gain from $7.20.

clsk的目標表明從8.01美元起的170％上漲空間，而Iren則意味著從7.20美元中獲得了174.9％的收益。

Marathon Digital (NASDAQ:MARA), rated Market-Perform, holds a $23 target, up from its $12.53 close, offering a 153.7% upside.

評級為“市場表現”的Marathon Digital（NASDAQ：MARA）的目標是23美元，高於其12.53美元的收盤價，提供153.7％的上漲空間。

See More: Donald Trump Weighs In On Stablecoin Legislation, Reveals Bitcoin Holdings Were A "Tip'

請參閱更多：唐納德·特朗普（Donald Trump）權衡穩定的立法，顯示比特幣持有是“提示”

Why Is It Important: Bernstein's Bitcoin price forecast remains unchanged at $200,000 by Q4, providing a valuation floor for miners holding Bitcoin on their balance sheets.

為什麼重要的是：伯恩斯坦的比特幣價格預測保持不變，在第4季度為20萬美元，為礦工提供比特幣的資產負債表提供了估值。

The report highlights a 30% hash rate increase since April 2024's halving, putting pressure on production, and strategic pivots to AI/HPC are key model updates.

該報告重點介紹了自2024年4月減半以來的30％哈希率提高，對生產施加壓力，而對AI/HPC的戰略樞軸是關鍵模型更新。

For CORZ, an additional 70 MW critical IT load contract with CoreWeave boosts its $10 billion revenue potential over 12 years, although delivery delays push significant HPC revenue to 2026.

對於Corz而言，與CoreWeave的另外70 MW關鍵的IT負載合同在12年內提高了其100億美元的收入潛力，儘管交付延遲將大量HPC收入推向2026年。

"We value CORZ using SOTP approach with 2 major components – 1. EV of the Bitcoin mining business; 2. EV of the AI data center business, which we arrive at by applying a 15x multiple to 2025E EBITDA and factor in Capex for 2025-27E to get to EV in 2025e," the analysts explained, projecting AI/HPC to contribute 45% to CORZ's enterprise value by 2025.

“我們使用SOTP方法使用2個主要組成部分 - 1。EV進行了CORZ； AI數據中心業務的2個。我們通過將15倍的倍數到2025E EBITDA和2025-27E的CAPEX倍數來實現，並在2025E中獲得EV，並在2025E中獲得EV，”分析師撰寫了202個contry Anders Anders Anders Anders Anter Anter Anter Anter Anter Anter Anter Anter a an Provion a in a in a pragute a Contrial a a a a a a a a a a ii/hpc撰寫了45％的貢獻45％。

The firm anticipates CORZ to double its critical IT load to 1.3 GW by 2027, fueled by existing site expansion and new acquisitions like a 66 MW facility in Auburn, Alabama.

該公司預計，到2027年，Corz將其關鍵的IT負載增加到1.3 GW，這是由於現有的現場擴張和新的收購，例如阿拉巴馬州奧本的66 MW設施。

The report elaborates on CORZ's power strategy, with 1.3 GW currently deployed across 10 U.S. sites, allocating 900 MW to AI/HPC and 400 MW to mining. Recent expansions, including 70 MW at Denton and Muskogee, highlight its execution edge.

該報告詳細介紹了Corz的電力策略，目前在美國10個站點中部署了1.3 GW，將900 MW分配給AI/HPC，並將400兆瓦分配給採礦。最近的擴張，包括丹頓和馬斯科吉的70兆瓦，突出了其執行優勢。