儘管最近下跌，比特幣礦業股票仍然被高估

自今年年初以來，比特幣礦業股票大幅下跌，Power Mining Analysis 的指標顯示許多股票仍然被高估。大多數上市礦商的市淨率超過1.0，顯示其市值高於其淨資產值。然而，金融經紀人伯恩斯坦認為，儘管圍繞即將到來的比特幣減半存在負面情緒，但比特幣礦商代表了一個買入機會。

Bitcoin Mining Stocks Remain Overvalued Despite Recent Decline

儘管近期下跌，比特幣礦業股仍被高估

New York, April 18, 2024 - The market for publicly traded Bitcoin mining companies has experienced a precipitous decline since the beginning of the year, with some companies losing as much as half of their value. However, industry analysts caution that many of these companies remain overvalued based on fundamental metrics.

紐約，2024 年 4 月 18 日 - 自年初以來，公開交易的比特幣礦業公司市場經歷了急劇下滑，一些公司的價值損失了多達一半。然而，產業分析師警告稱，根據基本面指標，其中許多公司的估值仍然過高。

According to Power Mining Analysis, a leading tracker of the mining industry, the price-to-book ratio of most publicly traded miners still exceeds 1.0. This indicates that their market capitalization exceeds their net asset value, suggesting that their stocks may be trading at inflated prices.

根據礦業領先追蹤機構 Power Mining Analysis 的數據，大多數上市礦商的市淨率仍超過 1.0。這表明他們的市值超過了資產淨值，表明他們的股票可能以虛高的價格交易。

For example, Marathon Digital (MARA) has a price-to-book ratio of 2.51, while Cipher Mining (CIFR) has a ratio of 3.15. Notably, CleanSpark (CLSK), which has outperformed other miners this year with a 33% gain, has the highest price-to-book ratio at 3.59.

例如，Marathon Digital (MARA) 的本益比為 2.51，而 Cipher Mining (CIFR) 的本益比為 3.15。值得注意的是，CleanSpark（CLSK）今年的表現優於其他礦商，漲幅為 33%，本益比最高，為 3.59。

Even miners that have experienced significant declines, such as IREN (-36%) and RIOT (-47%), have price-to-book ratios of approximately 1.00 and 1.15, respectively, indicating that they are still not undervalued.

即使是經歷大幅下跌的礦商，如IREN（-36%）和RIOT（-47%），市淨率也分別約為1.00和1.15，顯示它們仍然沒有被低估。

A high price-to-book ratio can suggest that a stock is irrationally overvalued compared to its fundamental value. However, it can also indicate that investors are confident in a company's future earning potential and are pricing that in accordingly.

高市淨率可能表示股票相對於其基本價值被不合理高估。然而，它也可以表明投資者對公司未來的獲利潛力充滿信心，並相應地對其進行定價。

Power Mining Analysis also examines each miner's "cost value of hash rate," a measure of how much hash rate the company produces relative to its enterprise value. This metric provides insight into the efficiency of a mining operation.

Power Mining Analysis 還檢查每個礦工的“哈希率成本值”，衡量公司相對於其企業價值產生的哈希率。此指標可以深入了解採礦作業的效率。

According to Power Mining Analysis, BitDigital (BTBT) is the most efficient miner based on this metric, with a cost value of hash rate of $27.05 per current terahash per second (TH/s). However, BitDigital is also the most undervalued miner when factoring in future hash rate projections, with that ratio dropping to $12.44.

根據 Power Mining Analysis 的數據，BitDigital (BTBT) 是基於此指標的最高效礦工，哈希率成本值為每當前太拉哈希每秒 (TH/s) 27.05 美元。然而，在考慮未來算力預測時，BitDigital 也是最被低估的礦商，該比率降至 12.44 美元。

In contrast, CLSK appears to be highly overvalued based on the cost value of hash rate metric, ranking last among 12 miners at $150.62 for its current hash rate and third last at $80.02 for its future hash rate.

相較之下，根據算力指標的成本值，CLSK 似乎被高度高估，目前算力以 150.62 美元在 12 家礦工中排名最後，未來算力以 80.02 美元排名倒數第三。

While these metrics suggest that many Bitcoin mining stocks remain overvalued, it is important to consider that they do not account for other revenue streams, such as high-performance computing and hosting, which can contribute to a company's overall earnings.

雖然這些指標表明許多比特幣礦業股票仍然被高估，但重要的是要考慮到它們沒有考慮其他收入來源，例如高效能運算和託管，這可以為公司的整體收益做出貢獻。

Despite the cautionary metrics, financial broker Bernstein believes that Bitcoin miners are attractive investments at current prices due to the upcoming Bitcoin halving, an event that is expected to significantly reduce the rewards for mining new blocks of Bitcoin. The firm argues that the stocks of these companies will rebound once the halving passes later this week.

儘管有這些謹慎的指標，金融經紀人伯恩斯坦認為，由於即將到來的比特幣減半，比特幣礦商以當前價格計算是有吸引力的投資，預計這一事件將大大減少開採新比特幣區塊的獎勵。該公司認為，一旦本週稍後減半結束，這些公司的股票將會反彈。

"Historically, Bitcoin price breakout has always followed the halving event and sometimes a few months after halving," wrote analysts Gautam Chhugani and Mahika Sapra in a Wednesday research report.

分析師 Gautam Chhugani 和 Mahika Sapra 在周三的一份研究報告中寫道：“從歷史上看，比特幣價格突破總是發生在減半事件之後，有時是減半後幾個月。”

Bernstein has rated CLSK and RIOT as "outperform" stocks, believing that the market will reward these firms for their leadership in self-mining hash rate.

Bernstein 將 CLSK 和 RIOT 評為「跑贏大盤」股票，相信市場會獎勵這些公司在自挖礦算力方面的領先地位。

The Bitcoin mining industry remains in flux as the halving event approaches, and investors should carefully consider the risks and rewards before making any investment decisions. While some companies may be overvalued, others may offer compelling opportunities for investors who believe in the long-term future of Bitcoin.

隨著減半事件的臨近，比特幣挖礦業仍處於不斷變化之中，投資者在做出任何投資決定之前應仔細考慮風險和回報。雖然一些公司可能被高估，但其他公司可能為相信比特幣長期未來的投資者提供令人信服的機會。