Bitcoin mining stocks are trading at steep discounts compared to their infrastructure value, with most miners showing significant upside potential based on their megawatt capacity at current market valuations.

• Mining stocks down approximately 25% in the past month despite Bitcoin price remaining relatively stable
• Iren achieves 40 exahash milestone, confirming they're on track for their 50 exahash target by mid-2025
• Morgan Stanley analysis suggests Bitcoin mining infrastructure valued at approximately $5 per watt in recent transactions
• Applied to current miners, this shows potential upside of 2-5x current market caps for many companies
• Iren's 660 megawatts valued at $3.3B using this metric versus $1.2B current market cap
• Smaller miners like Saluna show even larger gaps, with 75MW potentially worth $375M versus $8M market cap
• Data center REITs and companies like CoreWeave ($18B valuation) demonstrate premium valuations for similar infrastructure
• Current Bitcoin mining economics remain challenging with hash price around $38-39 per petahash/day
• Only the most efficient miners like Iron (15J/TH) positioned to generate meaningful profits in current environment
• Increasing investment in AI infrastructure including Nvidia's $500B US commitment highlights potential value of mining company assets

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