Key insights

• ⛏️ Bitcoin to miner multiple averages a 4.75x increase if Bitcoin's price doubles. P multiple measures current miner earnings against the yearly average from the previous year.
• 💰 Miners are currently earning 80% of what they were making on average over the past year. The sustained hash price declines indicate minor competitiveness.
• 📈 Key mining companies like Marathon, Riot, and Hut continue to stack large amounts of Bitcoin.
• 🚀 Current and future hash rates of major mining companies are increasing rapidly, indicating aggressive growth plans. Hive leads in dollars generated per mining rig per month.
• 🌡️ High monthly average hash rate utilization, operating in cooler climates, and low sales and administrative expenses are observed among North American public miners.
• 📈 Hive emerges as the top performer after weighting. Positive earnings momentum and revenue growth drive Hive's performance. Analysts have varying price predictions for Hive's stock, indicating positive momentum.
• ⚡ Clean Spark leads in strong performance and promising price targets. Miners are pivoting from Bitcoin mining to AI compute, leading to a potential opportunity for Clean Spark. Price targets for Clean Spark and Marathon are discussed, with Marathon rated as a hold by nine analysts.

Q&A

• What are the performance and price targets of Bitcoin mining companies Clean Spark, Hive, and Marathon?

  Clean Spark leads with strong performance and promising price targets. There's a growing interest in AI compute, with miners pivoting from Bitcoin mining to AI compute. Price targets for Clean Spark and Marathon are discussed, with Marathon rated as a hold by nine analysts.

• How do different companies rank in terms of performance?

  In an unweighted analysis, Clean Spark, Hive, and Riot rank high, but there's a significant change in rankings when weighting is applied. Hive emerges as the top performer due to positive earnings momentum and revenue growth, with analysts indicating positive momentum for Hive's stock.

• What are the key metrics and profitability measures of North American public miners?

  The video segment discusses key metrics like high monthly average hash rate utilization, operating in cooler climates, low sgna sales and administrative expenses, and price to book and price to sales ratio comparison among miners. Additionally, it highlights Bitcoin holdings as a percentage of market cap and the production ROI over market capital ratio. It also provides insights into the current state of Bitcoin miner supply.

• What are the key insights into the current state of Bitcoin mining?

  Despite miners' earnings being down, the hash rate keeps climbing, showing increased competitiveness. There are no signs of miners leaving the network despite the decrease in earnings. Key mining companies like Marathon, Riot, and Hut continue to stack significant amounts of Bitcoin. The current and future hash rates of major mining companies are increasing rapidly, indicating aggressive growth plans.

• How are Bitcoin price changes impacting miners' earnings?

  Miners are currently earning 80% of what they made on average over the past year. Despite miners' earnings being down, the hash rate keeps climbing, indicating increased competitiveness. More miners are entering or upgrading their equipment, even though the price has not followed the hash.

• What is the Bitcoin to miner multiple and the P multiple?

  The Bitcoin to miner multiple represents the average 4.75x increase in miners' earnings if Bitcoin's price doubles. The P multiple measures current miner earnings against the yearly average from the previous year.

• 00:08 The video discusses various financial ratios and data points related to Bitcoin mining, including the Bitcoin to miner multiple and the P multiple. It also mentions the impact of Bitcoin price changes on miners' earnings and provides insights into the current state of Bitcoin mining.
• 02:30 The bitcoin miners' earnings are down and the hash rate keeps climbing, indicating increased competitiveness, but miners are not leaving the network. Despite the price not following the hash, more miners are entering or upgrading their equipment. The sustained hash price declines indicate minor competitiveness.
• 04:46 Key mining companies like Marathon, Riot, and Hut continue to stack significant amounts of Bitcoin, with Marathon surpassing 27,000 Bitcoin. The current and future hash rates of major mining companies are increasing rapidly, indicating aggressive growth plans. Hive leads in dollars generated per mining rig per month.
• 07:24 The video segment discusses the profitability and key metrics of various North American public miners, including hash rate utilization, expenses, and Bitcoin holdings. It also highlights the impact of Bitcoin price fluctuations and the current state of Bitcoin miner supply.
• 09:55 The video discusses the conclusion of an analysis on various ratios for different companies. Clean Spark, Hive, and Riot rank high in unweighted fashion, but there's a significant change in rankings when weighting is applied. Hive emerges as the top performer, and price predictions indicate positive momentum for Hive's stock.
• 12:53 Analyst discusses the performance and price targets of three Bitcoin mining companies: Clean Spark, Hive, and Marathon. Clean Spark leads with a strong performance, while Hive and Marathon are also showing potential. There's a growing interest in AI compute, with miners pivoting from Bitcoin mining to AI compute. Price targets for Clean Spark and Marathon are discussed.