According to BlockBeats, on September 18, analysts at market research and brokerage firm Bernstein said that against the backdrop of Bitcoin price fluctuations, the stock prices of mining companies such as Core Scientific, IREN and Terawulf have outperformed competitors that only focus on Bitcoin mining due to increased confidence in the data center theory.
Analysts say AI-focused mining companies have outperformed, benefiting from increased investor confidence in their diversified business models, higher valuation multiples, more predictable revenue streams, and greater flexibility in volatile Bitcoin markets. While their hash rate growth may generally be slower than that of single Bitcoin miners, AI-focused mining companies are simultaneously expanding their data center infrastructure, which provides additional opportunities in the fast-growing AI sector.
Large public Bitcoin mining consolidators such as Marathon, Riot Platforms and CleanSpark hold a large amount of Bitcoin on their balance sheets, and the proportion of mining proceeds sold this year has decreased compared to the same period in 2023. The above-mentioned mining companies retained 100% of their production in August. Analysts said: “This shift shows that large miners are willing to raise funds or accept equity dilution to invest in capital expenditures and expand their market share in Bitcoin mining, rather than liquidate their Bitcoin holdings. At present, they believe that artificial intelligence is a distraction and have not shifted their production capacity to AI.
