Bitcoin miners focusing on active power strategy & efficiency can lead to valuation rerating, per Bernstein, seeing potential beyond just mining operations.
Large miners like Riot Platforms, CleanSpark, and Iris Energy are highlighted for growth potential, with opportunities in power efficiency and mining hardware upgrades.
Miners can extract more hash rate by upgrading to latest ASICs, benefiting from competition proxy via mining difficulty.
Bernstein notes miners have potential by valuing them as efficient power shells with data center capabilities, trading at 90% discount to general data center valuations.
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