AI contract mining company revenue multiple 12.9x… non-contract 3 companies average 3.7x
Original headlineAI 계약 채굴사 매출 배수 12.9배…무계약 3곳 평균 3.7배
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AI and HPC contract mining companies trade at an average enterprise value-to-forward-revenue multiple of 12.9x, versus 3.7x for three uncontracted miners still operating—MARA, HIVE and ABTC—cited in CoinShares' Q2 2026 bitcoin mining report, with uncontracted Cale bucking the trend at 18.3x. The multiples compare whole-company enterprise value to next-12-month projected revenue, not facility sale prices. CoinShares attributes the premium to the value of existing miners' power assets as grid interconnection delays and constraints on new data center construction raise the scarcity of energized sites. The gap signals that investors are repricing secured power capacity as a strategic asset class distinct from pure bitcoin production economics. Watch for further contract announcements and grid queue timelines as the main drivers of multiple compression or expansion across the sector.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
CoinShares, MARA (MARA), ABTC, HIVE, Cayle
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