Summary
Bitcoin mining stocks have dropped, overvalued based on price-to-book ratio. CleanSpark is the most overvalued, while BitDigital is undervalued. Bernstein recommends buying miners despite current metrics, predicting a rebound after Bitcoin halving.
Key Points
1. Bitcoin mining stocks have plummeted since the start of the year, with many still being overvalued according to Power Mining Analysis.
2. Price-to-book ratio of publicly traded miners exceeding 1.0 suggests their market capitalization is higher than their net asset value, with examples like Marathon Digital (MARA) and Cipher Mining (CIFR) having ratios of 2.51 and 3.15 respectively.
3. BitDigital (BTBT) emerges as the most undervalued miner with a cost value of hash rate at $27.05 per current terahash per second (TH/s), while CleanSpark (CLSK) appears highly overvalued with a ratio of $150.62 for its current hash rate.