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Author: Admin | 2025-04-28
Their businesses during bear markets and/or can be opportunistic acquiring assets at a discountBitcoin miners with very high EV / Total ASIC value ratios (especially compared to their Price / ASIC value ratios) likely have less flexibility to expand or acquire assets during down markets. Looking at the red bars for the EV / ASIC value ratio in the chart above, Marathon Digital and Core Scientific have the highest EV/Total ASIC value ratio. Both of these companies carry a sizable amount of total debt on their balance sheets; Marathon and Core Scientific raised hefty sums of capital during the bull run in their quest to expand.Hut 8 and Bitfarms are less leveraged, as you can see in their EV / Total ASIC values, but their EV / ASIC value ratios are not quite as lean as Cleanspark, DMG and Riot. With the recent Bitcoin price drop, investors are now pricing active mining fleets under 3 times their enterprise value.Historical Perspective on Hut 8, Riot, and Marathon with Price / ASIC Value The benefit of history is that we can analyze the current performances of Marathon Digital, Riot, and Hut 8 mining in this bear market compared to the last one. Specifically, we can look at ASIC fleet market values starting in 2018 up until the present. Below is a chart showing the various movements in active hashrate market spot values. Price / Total ASIC value of Hut 8, Marathon, and Riot | Source: Hashrate Index, public miner disclosures * Chart shows historical ASIC fleet values based on the Price / Total ASIC Ratio, not EV / ASIC Value ratio.During the 2019 to 2020 time period, Hut 8 owned the most Bitcoin among their peers. As you can see during the crypto winter, Hut 8 (yellow line), had the lowest ratio until the run up to bitcoin's May 2020 halving. Riot and Marathon upgraded their mining fleets during spring 2020, so the market value of their fleet went up (which lowered their Price / ASIC Value ratios), while Hut 8 was not able to upgrade their fleet (leading to a higher
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