Bitcoin Miner Marathon Digital 'Inexplicably Expensive,' While Riot Platforms 'Cheap,' Says Analyst
Bitcoin Miner Marathon Digital 'Inexplicably Expensive,' While Riot Platforms 'Cheap,' Says Analyst
Smith's analysis revolves around the economics of grid connections and mining operations. Marathon's mining setup is valued at $2.8 billion, but with only three bitcoins mined daily (net of power costs), it would take over 40 years for the company to generate its implied value.Bitcoin (CRYPTO: BTC) mining stocks are a mixed bag right now. With soaring hashrates and dwindling returns, the industry is feeling the squeeze.
比特幣（CRYPTO: BTC）挖礦股票目前表現參差不齊。隨着算力飆升和收益減少，該行業感受到了壓力。
But according to JPMorgan's Reginald L. Smith, not all miners are created equal. In fact, Smith says MARA Holdings Inc (NASDAQ:MARA) is far too expensive for what it offers, while Riot Platforms Inc (NASDAQ:RIOT) may be a hidden gem.
但根據摩根大通的Reginald L. Smith說，不是所有的礦工都是相同的。事實上，史密斯表示，marathon digital控股公司（NASDAQ:MARA）定價過高，而riot platforms公司（NASDAQ:RIOT）可能是一個隱藏的寶石。
So, why is one stock overpriced and the other underappreciated? The devil's in the details.
那麼，爲什麼一個股票定價過高，而另一個被低估？細節才是魔鬼所在。
Why MARA Is Expensive
爲什麼MARA定價過高
Smith's analysis revolves around the economics of grid connections and mining operations. Marathon's mining setup is valued at $2.8 billion, but with only three bitcoins mined daily (net of power costs), it would take over 40 years for the company to generate its implied value.
史密斯的分析圍繞着電網連接和挖礦運營的經濟學展開。馬拉松的挖礦設置被估價爲28億美元，但考慮到每天只有3枚比特幣（扣除電能成本）的產出，公司需要超過40年才能產生其暗示的價值。
That's an eye-watering number, especially when you consider that the lifespan of its mining equipment is less than four years. No wonder Smith finds MARA "inexplicably expensive."
當考慮到其挖礦設備的使用壽命不到4年時，這是一個令人瞠目結舌的數字。難怪史密斯認爲MARA「價值莫名其妙地高昂」。
Read Also: Bitcoin Price Is An 'Opportunity,' Technical Analyst Tells Benzinga: Watch These Indicators For Signs Of A Price Surge
閱讀更多:比特幣價格是一個「機會」，技術分析師告訴財經網：關注這些指標以獲得價格激增的跡象
Why RIOT Is A Clear Bargain
爲什麼RIOT是一個明顯的便宜貨
On the other hand, Riot's valuation tells a different story. RIOT's land and power assets are worth $1.4 billion—more than its current enterprise value of $1.2 billion. In other words, the market is giving negative value to its mining operations despite Riot producing eight bitcoins daily.
另一方面，Riot的估值講述了一個不同的故事。 RIOT的陸地和電能實業資產價值14億美元——超過其當前企業價值12億美元。換句話說，儘管Riot每天生產8枚比特幣，市場仍然給予其礦業運營負值。
For Smith, this discrepancy makes RIOT a clear bargain, or in his words, "cheap."
對於 Smith 而言，這種差異使 RIOt 顯得便宜，或者用他的話來說，「廉價」。
As the bitcoin mining landscape shifts, Smith suggests that direct bitcoin investments may yield better returns than pouring more capital into mining infrastructure.
隨着比特幣挖礦行業格局的變化，Smith建議直接投資比特幣可能會比向挖礦基礎設施注入更多資金帶來更好的回報。
With payback periods lengthening and industry economics tightening, Riot's undervalued assets could be the ace up its sleeve, while Marathon's inflated price tag raises serious questions about its future prospects.
隨着回收期延長和行業經濟收緊，Riot被低估的資產可能成爲其王牌，而 Marathon 浮誇的價格標籤對其未來前景提出了嚴峻質疑。
- What's Going On With Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark?
- 比特幣挖礦股票marathon digital、riot platforms和cleanspark發生了什麼事？
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譯文內容由第三人軟體翻譯。