According to The Block, based on the trend of transitioning towards artificial intelligence and high-performance computing (HPC), financial services group Macquarie has given Bitcoin mining stocks such as MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining an "outperform" rating.

In recent years, Bitcoin mining companies have gradually diversified their business, providing AI and HPC hosting infrastructure in addition to pure cryptocurrency mining. Macquarie analysts Paul Golding and Emma Liang stated that this trend accelerated after the fourth Bitcoin halving in April.

Analysts wrote in a report released on Tuesday:

Some miners see their unprecedented access to electricity as an opportunity to diversify into custody businesses unrelated to cryptocurrency. Others believe this will interfere with accumulating Bitcoin on the balance sheet... but in most cases, the growth of mining capacity and/or land/GPU acquisitions for HPC/AI are achieved through diluted equity issuances

Macquarie believes that as the transition to HPC accelerates, multiple mining companies will benefit significantly in the long term. Analysts also pointed out that although the operation of AI cloud products in Bitcoin miners' facilities is still in the early stages, these companies have the potential to play an important role in the AI computing market.

They stated that the convergence of power infrastructure, computing resources, and bandwidth in the mining industry represents tangible value that exceeds Bitcoin's expected appreciation. As demand continues to exceed supply, the demand for AI computing infrastructure provides a "mark to market" opportunity.

Opinions on various mining companies

Within Macquarie's institutional Bitcoin miner community, MARA (formerly Marathon Digital, stock code MARA) continues to have the largest deployment capacity while providing infrastructure for the industry. They set a target price of $22 for the stock and consider it the largest company with extensive exposure to Bitcoin infrastructure. MARA closed at $16.14 on Wednesday, down nearly 30% year to date.

Macquarie stated that Riot's mining site is relatively large in the industry, and once fully constructed, it will improve operational efficiency while promoting the development of customized cooling infrastructure. Riot's stock (stock code RIOT) closed at $7.44 on Wednesday, down 51% year to date. Macquarie has set a target price of $15 for the stock.

Core Scientific is currently the only mining company with large-scale HPC/AI custody transactions, which diversifies its revenue and reduces Bitcoin risk. The target price of $16 offered by Macquarie is based on the company's AI custody opportunities while maintaining its BTC mining scale. Core Scientific's stock (stock code CORZ) closed at $12.35 on Wednesday, with an increase of over 260% in 2024.

Macquarie pointed out that CleanSpark continues to acquire small mining companies while maintaining its sustainable development spirit and increasing the scale of its merged mines. Given the company's differentiated characteristics in terms of geographic location and acquisition strategy, Macquarie has set a target price of $20 for its stock. CleanSpark's stock (stock code CLSK) was trading at $9.34 on Wednesday, down 12.5% year to date.

Macquarie stated that Cipher Mining is reaching its peak of development, and its wholly-owned Odessa mining site has been completed. The company has also announced a series of new mining sites that support Bitcoin mining and/or HPC. Given that we believe there may be a turning point in profits and scale in the near future, the company has set a target price of $6 for its stock. Cipher Mining's stock (stock code CIFR) was trading at $3.86 on Wednesday, a 6.4% decline from the beginning of the year to date.

(责任编辑：财经专题)

• ·siamining是什么货币 sie是什么货币
• ·工程付款必须对公吗
• ·提取盈余公积会影响可供分配利润吗
• ·莱特币火币
• ·以太坊万亿美元的品牌重塑掩盖了 Solana 蚕食其市场份额的深层困境
• ·上海二手房公积金贷款年限-上海二手房公积金贷款年限规定
• ·比特币未平仓合约创下 800 亿美元纪录，价格跌破 11.1 万美元
• ·火币全币名
• ·香港虚拟币交易平台-
• ·2025 年 DAO 设计的 69 个趋势
• ·企业的运营费用包括什么
• ·火币网提币手续费
• ·哪个平台有steem币-steem币怎么样
• ·Coinbase 和 Ripple 争夺 Circle——其中一家公司已占优势
• ·股票开户a股-股票开户a股和港美股什么意思
• ·币管家如何