比特币（BTC）矿工面临挑战性的一年，但伯恩斯坦仍然乐观

在周四发布的一份报告中，伯恩斯坦分析师修改了他们为主要比特币矿业公司的模型，反映了哈希率的变化，AI/高性能计算（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.

根据分析师的一份报告，伯恩斯坦对比特币（BTC）矿工保持乐观，强调人工智能（AI）的机会和有利的估值。

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.

发生了什么：伯恩斯坦分析师考虑了哈希率，AI/高性能计算（HPC）前景和稳定的比特币价格预测的变化，调整了主要比特币矿业公司的模型。

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.

该报告强调了越来越多的机构关注矿工的AI潜力，与比特币的年初纠正相比，矿工股票的滞后性能形成鲜明对比。

"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.

“虽然我们更喜欢专注于AI中的新兴机会，但我们强调，比特币矿工股票在2025E中的下降20-40％的下降很大程度上是由于估值较低，并且比预期的EBITDA对2025E的预测更好，这使我们保持了对矿业的几个台面的胜利，” 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.

分析师考虑了对AI/HPC和新合同的权力重新分配，更新了哈希率估算，从而为矿工提供了修订的价格目标。

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.

对于核心科学（NASDAQ：CORZ），伯恩斯坦将目标目标定为17美元，低于先前的估计值，但与3月19日的收盘价为8.68美元相比，其潜在上涨空间仍为150.3％。

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

该公司的信心源于Corz与AI计算的重要参与者CoreWeave的强大590 MW数据中心合同。

"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.

报告提到：“ Coreweave的合同能力能力的贡献是由Corz造成的，强调了这种权力依赖性，并让人们担心AI Capex放缓，这引发了Corz的股价40％的纠正，并让同行交易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）的目标目标从22美元降至19美元，这表明从7.78美元上涨了146.9％，因为该公司将其2 GW Corsicana Site Power Portfolio的600 MW分配给AI/HPC使用，暂停了比特币矿业的扩张。

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."

分析师指出：“及其2 GW功率组合的Riot具有吸引力的位置，但是，该股票将需要采用催化剂，以确保Corsicana站点的AI共同位置合作伙伴的形式，以便能够实现这一潜在价值。”

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）获得的评级优于价格目标，分别为20美元，分别从30美元和26美元下降，考虑到较高行业的哈希税率挤压了市场份额和现金流量。

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

clsk的目标表明从8.01美元起的170％上涨空间，而Iren则意味着从7.20美元中获得了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.

评级为“市场表现”的Marathon Digital（NASDAQ：MARA）的目标是23美元，高于其12.53美元的收盘价，提供153.7％的上涨空间。

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

请参阅更多：唐纳德·特朗普（Donald Trump）权衡稳定的立法，显示比特币持有是“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.

为什么重要的是：伯恩斯坦的比特币价格预测保持不变，在第4季度为20万美元，为矿工提供比特币的资产负债表提供了估值。

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.

该报告重点介绍了自2024年4月减半以来的30％哈希率提高，对生产施加压力，而对AI/HPC的战略枢轴是关键模型更新。

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.

对于Corz而言，与CoreWeave的另外70 MW关键的IT负载合同在12年内提高了其100亿美元的收入潜力，尽管交付延迟将大量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.

“我们使用SOTP方法使用2个主要组成部分 - 1。EV进行了CORZ； AI数据中心业务的2个。我们通过将15倍的倍数到2025E EBITDA和2025-27E的CAPEX倍数来实现，并在2025E中获得EV，并在2025E中获得EV，”分析师撰写了202个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撰写了45％的贡献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.

该公司预计，到2027年，Corz将其关键的IT负载增加到1.3 GW，这是由于现有的现场扩张和新的收购，例如阿拉巴马州奥本的66 MW设施。

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.

该报告详细介绍了Corz的电力策略，目前在美国10个站点中部署了1.3 GW，将900 MW分配给AI/HPC，并将400兆瓦分配给采矿。最近的扩张，包括丹顿和马斯科吉的70兆瓦，突出了其执行优势。