Bitcoin mining companies accelerate their shift towards AI, with AI/HPC contract mining companies valued higher than pure mining companies

Bitcoin mining companies are accelerating their transformation towards AI and high-performance computing, with transformational mining companies receiving higher valuations and more stable revenue expectations compared to pure mining companies. Over the past year, the stock prices of TerraWulf, IREN, and Cipher Digital have more than doubled, while MARA Holdings has fallen by about 40%. The price of Bitcoin mining hash has dropped from about $63 per PH/s in July last year to about $31.8, and the network computing power of Bitcoin has decreased from 1.14 ZH/s to about 900 EH/s. According to CoinShares data, mining companies with AI/HPC contracts have an average enterprise value multiple of 12.3 times, while pure Bitcoin mining companies have a value multiple of 5.9 times. The cumulative scale of AI/HPC contracts signed by the entire industry has reached $70 billion. Riot Platforms has signed a 20-year lease agreement with Anthropic, with a contract value of approximately $9.1 billion. If the price of Bitcoin returns to around $126000, the hash price may rebound to around $59/PH/s.