尽管最近下跌，比特币矿业股票仍然被高估

自今年年初以来，比特币矿业股票大幅下跌，Power Mining Analysis 的指标表明许多股票仍然被高估。大多数上市矿商的市净率超过1.0，表明其市值高于其净资产值。然而，金融经纪人伯恩斯坦认为，尽管围绕即将到来的比特币减半存在负面情绪，但比特币矿商代表了一个买入机会。

Bitcoin Mining Stocks Remain Overvalued Despite Recent Decline

尽管近期下跌，比特币矿业股仍被高估

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.

纽约，2024 年 4 月 18 日 - 自年初以来，公开交易的比特币矿业公司市场经历了急剧下滑，一些公司的价值损失了多达一半。然而，行业分析师警告称，根据基本面指标，其中许多公司的估值仍然过高。

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.

根据矿业领先追踪机构 Power Mining Analysis 的数据，大多数上市矿商的市净率仍超过 1.0。这表明他们的市值超过了资产净值，表明他们的股票可能以虚高的价格交易。

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) 的市净率为 2.51，而 Cipher Mining (CIFR) 的市净率为 3.15。值得注意的是，CleanSpark（CLSK）今年的表现优于其他矿商，涨幅为 33%，市净率最高，为 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.

即使是经历大幅下跌的矿商，如IREN（-36%）和RIOT（-47%），市净率也分别约为1.00和1.15，表明它们仍然没有被低估。

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.

高市净率可能表明股票相对于其基本价值被不合理高估。然而，它也可以表明投资者对公司未来的盈利潜力充满信心，并相应地对其进行定价。

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 还检查每个矿工的“哈希率成本值”，衡量公司相对于其企业价值产生的哈希率。该指标可以深入了解采矿作业的效率。

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.

根据 Power Mining Analysis 的数据，BitDigital (BTBT) 是基于此指标的最高效矿工，哈希率成本值为每当前太拉哈希每秒 (TH/s) 27.05 美元。然而，在考虑未来算力预测时，BitDigital 也是最被低估的矿商，该比率降至 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.

相比之下，根据算力指标的成本值，CLSK 似乎被高度高估，当前算力以 150.62 美元在 12 家矿工中排名最后，未来算力以 80.02 美元排名倒数第三。

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.

虽然这些指标表明许多比特币矿业股票仍然被高估，但重要的是要考虑到它们没有考虑其他收入来源，例如高性能计算和托管，这可以为公司的整体收益做出贡献。

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.

尽管有这些谨慎的指标，金融经纪人伯恩斯坦认为，由于即将到来的比特币减半，比特币矿商以当前价格计算是有吸引力的投资，预计这一事件将大大减少开采新比特币区块的奖励。该公司认为，一旦本周晚些时候减半结束，这些公司的股票将会反弹。

"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.

分析师 Gautam Chhugani 和 Mahika Sapra 在周三的一份研究报告中写道：“从历史上看，比特币价格突破总是发生在减半事件之后，有时是减半后几个月。”

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 将 CLSK 和 RIOT 评为“跑赢大盘”股票，相信市场会奖励这些公司在自挖矿算力方面的领先地位。

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.

随着减半事件的临近，比特币挖矿行业仍处于不断变化之中，投资者在做出任何投资决定之前应仔细考虑风险和回报。虽然一些公司可能被高估，但其他公司可能为相信比特币长期未来的投资者提供令人信服的机会。