The McNallie Money team breaks down the March performance data for Bitcoin miners, revealing improved production metrics across the board while examining the significant disconnect between current market valuations and underlying assets.

• Marathon, Riot, and CleanSpark lead Bitcoin production with HUT 8 showing a remarkable 72% increase month-over-month
• March showed less curtailment from miners, improving efficiency across all major operations
• Bitcoin mining stocks down 49% year-to-date despite Bitcoin trading around $84,500
• Morgan Stanley's infrastructure valuation metric of $5 per watt suggests significant undervaluation of mining companies
• HODL as percentage of market cap reveals companies like DMG (110%), Marathon (91%), and Hive (80%) trading at or below the value of their Bitcoin holdings alone
• Fleet efficiency metrics improving across all major miners, with many achieving sub-20 joules per terahash
• Four of the top five Bitcoin holders globally are mining companies covered in this analysis

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