The complex world of Bitcoin miner valuations reveals a striking disparity between how the market values treasury-focused companies versus operational mining businesses despite their substantial underlying assets and revenue potential. We explore how miners with significant infrastructure, equipment, and profitable operations are often valued only at their Bitcoin holdings while pure Bitcoin treasury companies enjoy substantial premiums.

• Bitcoin miner valuations often fail to account for valuable underlying assets beyond their hodlings
• MicroStrategy trades at 1.86x its Bitcoin holdings while miners like Marathon are valued at just their hodl
• Marathon's market cap is 98.6% of their hodl value despite owning $480M in sites and $1B in machines
• Soluna has zero Bitcoin but owns multiple operational data centers yet trades at just $6M market cap 
• Core Scientific's $10B HPC contract spanning 12 years seems minimally reflected in current valuation
• Growing HPC/AI revenue streams like Bit Digital's $100M annual run rate aren't fully appreciated by markets
• Miners face operational complexities but also have strategic advantages Bitcoin treasury firms lack
• Contrast between Iron (0% hodl) and CleanSpark (51.5% hodl) highlights different approaches to value creation

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