比特幣（BTC/USD）礦工已經面臨著挑戰的一年，但伯恩斯坦的分析師仍然樂觀

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）的前景和穩定的比特幣價格預測。

Bitcoin BTC/USD miners have faced a challenging year, but analysts at Bernstein remain optimistic, driven by a blend of AI opportunities and Bitcoin's valuation support.

比特幣BTC/USD礦工已經面臨著充滿挑戰的一年，但是伯恩斯坦的分析師仍然樂觀，這是由AI機會和比特幣的估值支持的融合而驅動的。

What Happened: In a report released on Thursday, Bernstein analysts revised their models for major Bitcoin mining companies, reflecting shifts in hash rates, AI/high-performance computing (HPC) prospects, and steady Bitcoin price forecasts.

發生的事情：在周四發布的報告中，伯恩斯坦分析師修改了其主要比特幣礦業公司的模型，反映了哈希速率的變化，AI/高性能計算（HPC）的前景和穩定的比特幣價格預測。

The report highlights a growing institutional focus on miners' AI potential, even as their stock performance lags behind 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，即使他們的股票績效落後於比特幣的年代校正。

The Bernstein note points out that despite a 20-40% decline in miner stocks this year—outpacing Bitcoin's 10% drop—cheap valuations and positive EBITDA projections for 2025 justify their Outperform ratings on several firms.

伯恩斯坦說明指出，儘管今年的礦工股票下降了20-40％（以比特幣的10％下降，但2025年的EBITDA預測都證明了他們對多家公司的表現優於評級。

The analysts point to updated hash rate estimates, power reallocations toward AI/HPC, and new contracts as key drivers behind their revised price targets for miners.

分析師指出，更新的哈希速率估計值，對AI/HPC的功率重新分配以及新合同是其修訂後的礦工價格目標背後的關鍵驅動力。

For Core Scientific CORZ, Bernstein set a price target of $17, down from an earlier estimate but still reflecting a 150.3% potential upside from its March 19 closing price of $8.68.

對於Core Scientific Corz來說，伯恩斯坦的目標價為17美元，低於較早的估計值，但仍反映出3月19日收盤價的150.3％的潛在上漲空間為8.68美元。

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," the report states, dismissing fears of an AI capex slowdown that triggered a 40% correction in CORZ's stock.

該報告指出：“ Coreweave的合同能力能力的近45％是由Corz造成的，強調了這種權力依賴性。”

Riot Platforms RIOT saw its price target adjusted to $19 from $22, implying a 146.9% upside from $7.78, as the company reallocates 600 MW of its 2 GW Corsicana site power portfolio toward AI/HPC uses, pausing Bitcoin mining expansion.

Riot Platforms Riot的目標目標從22美元調整為19美元，這意味著從7.78美元開始上漲了146.9％，因為該公司將其2 GW Corsicana Site Power Power Fortfolio的600 MW重新定位為AI/HPC的使用，暫停了比特幣挖礦的擴張。

Analysts noted, "RIOT with its 2 GW power portfolio is attractively positioned, however, the stock would need a catalyst in form of progress on securing an AI co-location partner for the Corsicana site."

分析人士指出：“ Riot具有2 GW Power組合的位置，但是，該股票將需要以進度的催化劑來確保Corsicana站點的AI共同位置合作夥伴。”

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

CleanSpark Clsk和Iris Energy Iren還獲得了勝過評級，其價格目標分別為20美元，分別從30美元和26美元下降，反映了較高的行業哈希稅率擠壓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 MARA, rated Market-Perform, holds a $23 target, up from its $12.53 close, offering a 153.7% upside.

評級為市場表現的馬拉松數字馬拉（Marathon Digital Mara）擁有一個23美元的目標，高於其12.53美元的收盤價，提供了153.7％的上漲空間。

Also Read: Donald Trump Calls For Stablecoin Legislation, Lauds Bitcoin Reserve: ‘Biden Got A Fraction Of Their Value’

另請閱讀：唐納德·特朗普（Donald Trump）呼籲制定穩定的立法，稱讚比特幣儲備：“拜登得到其價值的一小部分”

Why It Matters: 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200,000美元，為礦工提供比特幣的資產負債表提供了估值。

The report cites a 30% hash rate increase since April 2024's halving, pressuring production, alongside strategic pivots to AI/HPC as key model updates.

該報告稱，自2024年4月的減半，生產壓力以及AI/HPC作為關鍵模型更新，增加了30％的哈希率率。

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

對於Corz來說，與Coreweave Bolsters的另外70 MW關鍵的IT負載合同在12年內具有100億美元的收入潛力，儘管交付延遲將大量的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," the analysts explained, projecting AI/HPH to contribute 45% of CORZ's enterprise value by 2025.

分析師解釋說：“我們使用SOTP方法將CORZ與2個主要組件 - 1。Bitcoin採礦業務的EV進行評估； AI數據中心業務的2個EV。”分析師預測，到2025年，AI/HPH預測AI/HPH將貢獻Corz企業價值的45％。

The firm expects CORZ to double its critical IT load to 1.3 GW by 2027, leveraging existing sites 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載荷增加到1.3 GW，利用現有的地點和新的收購，例如阿拉巴馬州奧本的66 MW設施。

The report also details CORZ's power strategy, with 1.3 GW currently 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, underscore its execution edge.

該報告還詳細介紹了CORZ的電力策略，目前在美國10個站點上有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，強調了其執行優勢。

Meanwhile, RIOT's vast power capacity awaits an AI partner to unlock its potential, while CLSK and IREN grapple with competitive hash rate pressures.

同時，Riot的巨大功率能力正在等待AI合作夥伴釋放其潛力，而CLSK和IREN努力應對競爭性的哈希率壓力。

Despite miners' underwhelming performance—lagging Bitcoin's return in Q4 2024 and correcting more sharply in 2025—Bernstein sees long-term value.

儘管礦工的表現令人難以置信 - 伯恩斯坦認為長期價值是礦工在2024年第四季度的回歸，並在2025年更穩定地糾正。

The interplay of AI infrastructure demand and Bitcoin's commodity cycle positions these firms well, with CORZ and RIOT emerging as particularly compelling investment opportunities

AI基礎設施需求和比特幣的商品週期的相互作用很好地定位了這些公司，Corz和Riot成為特別令人信服的投資機會