比特币（BTC/USD）矿工已经面临着挑战的一年，但伯恩斯坦的分析师仍然乐观

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）的前景和稳定的比特币价格预测。

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.

比特币BTC/USD矿工已经面临着充满挑战的一年，但是伯恩斯坦的分析师仍然乐观，这是由AI机会和比特币的估值支持的融合而驱动的。

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.

发生的事情：在周四发布的报告中，伯恩斯坦分析师修改了其主要比特币矿业公司的模型，反映了哈希速率的变化，AI/高性能计算（HPC）的前景和稳定的比特币价格预测。

The report highlights a growing institutional focus on miners' AI potential, even as their stock performance lags behind 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，即使他们的股票绩效落后于比特币的年代校正。

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.

伯恩斯坦说明指出，尽管今年的矿工股票下降了20-40％（以比特币的10％下降，但2025年的EBITDA预测都证明了他们对多家公司的表现优于评级。

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.

分析师指出，更新的哈希速率估计值，对AI/HPC的功率重新分配以及新合同是其修订后的矿工价格目标背后的关键驱动力。

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.

对于Core Scientific Corz来说，伯恩斯坦的目标价为17美元，低于较早的估计值，但仍反映出3月19日收盘价的150.3％的潜在上涨空间为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.

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

该报告指出：“ Coreweave的合同能力能力的近45％是由Corz造成的，强调了这种权力依赖性。”

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的目标目标从22美元调整为19美元，这意味着从7.78美元开始上涨了146.9％，因为该公司将其2 GW Corsicana Site Power Power Fortfolio的600 MW重新定位为AI/HPC的使用，暂停了比特币挖矿的扩张。

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组合的位置，但是，该股票将需要以进度的催化剂来确保Corsicana站点的AI共同位置合作伙伴。”

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还获得了胜过评级，其价格目标分别为20美元，分别从30美元和26美元下降，反映了较高的行业哈希税率挤压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 MARA, rated Market-Perform, holds a $23 target, up from its $12.53 close, offering a 153.7% upside.

评级为市场表现的马拉松数字马拉（Marathon Digital Mara）拥有一个23美元的目标，高于其12.53美元的收盘价，提供了153.7％的上涨空间。

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

另请阅读：唐纳德·特朗普（Donald Trump）呼吁制定稳定的立法，称赞比特币储备：“拜登得到其价值的一小部分”

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.

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200,000美元，为矿工提供比特币的资产负债表提供了估值。

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.

该报告称，自2024年4月的减半，生产压力以及AI/HPC作为关键模型更新，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.

对于Corz来说，与Coreweave Bolsters的另外70 MW关键的IT负载合同在12年内具有100亿美元的收入潜力，尽管交付延迟将大量的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.

分析师解释说：“我们使用SOTP方法将CORZ与2个主要组件 - 1。Bitcoin采矿业务的EV进行评估； AI数据中心业务的2个EV。”分析师预测，到2025年，AI/HPH预测AI/HPH将贡献Corz企业价值的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.

该公司预计，到2027年，Corz将其关键的IT载荷增加到1.3 GW，利用现有的地点和新的收购，例如阿拉巴马州奥本的66 MW设施。

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.

该报告还详细介绍了CORZ的电力策略，目前在美国10个站点上有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，强调了其执行优势。

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

同时，Riot的巨大功率能力正在等待AI合作伙伴释放其潜力，而CLSK和IREN努力应对竞争性的哈希率压力。

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

尽管矿工的表现令人难以置信 - 伯恩斯坦认为长期价值是矿工在2024年第四季度的回归，并在2025年更稳定地纠正。

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基础设施需求和比特币的商品周期的相互作用很好地定位了这些公司，Corz和Riot成为特别令人信服的投资机会