Research Reports 24 reports

Bitfarms is a global Bitcoin miner with operations in Canada, Argentina, Paraguay, and the United States. Trading at one of the deepest discounts to hash rate value among public miners, Bitfarms offers high-beta exposure to Bitcoin's next cycle with significant optionality from its low-cost Latin American power contracts.

Iris Energy is a Bitcoin miner and AI cloud computing company powered exclusively by renewable energy. With a strategic pivot to GPU cloud services generating $2M+ in monthly AI revenue from NVIDIA H100 clusters, IREN is successfully executing on the Bitcoin miner-to-AI infrastructure playbook at an early stage.

CleanSpark is a pure-play Bitcoin miner with 40+ EH/s operational hash rate, ranking among the most efficient large-scale miners in North America. CleanSpark's disciplined acquisition strategy — buying distressed facilities at below-replacement cost — has built one of the lowest-cost mining fleets in the industry.

Riot Platforms is one of the largest US Bitcoin miners with 31+ EH/s of deployed hash rate and 1,800+ BTC on its balance sheet. Riot's 750MW Rockdale, Texas facility offers among the lowest power costs in the industry, while expanding into HPC/AI hosting adds a non-cyclical revenue stream at premium margins.

Hut 8 Mining has evolved beyond pure Bitcoin mining into a diversified digital infrastructure company, operating both Bitcoin mining and high-performance computing facilities. The merger with US Bitcoin Corp created a company with 9,100+ self-mined BTC on balance sheet and multi-year HPC contracts providing stable recurring revenue.

Marathon is the largest publicly traded Bitcoin miner by hash rate (33.7 EH/s) and BTC holdings (17,631 BTC). Our valuation combines a per-EH/s hash rate multiple, NAV on BTC treasury, and a DCF on mining operations assuming BTC at $120K. At $42, MARA trades at fair value for its combined mining + treasury business.