Exploring Miner MCAP, mNAV, HODL & Margins in Q2!

McNally Money dives into Bitcoin miners' market caps, HODL positions, mNAV premiums, and live mining margins to understand why miners are undervalued compared to Bitcoin treasury companies.

• Bitcoin shows resilience after the Trump/Elon news, recovering to $108,000 over the weekend
• Miners showing a mixed trading day despite Bitcoin strength
• MicroStrategy (MSTR) trades at a 1.87x premium to its Bitcoin holdings while miners trade at or near their HODL value
• If miners received the same mNAV premium as Strategy, Marathon's market cap would nearly double to $10.1 billion
• Wall Street remains skeptical of mining economics due to inconsistent profitability and business decisions
• Q2 looking positive with Bitcoin up $25,000 since Q1, potentially adding $1.2B to Marathon's income statement through FASB accounting
• Live miner margins show Iren and Cipher leading with 75-77% gross margins
• Energy costs are just one component - compensation and G&A expenses often push miners into unprofitability
• Hive working to reduce power costs from 7.5¢ to 4.5¢ per kWh by leveraging Paraguay facilities
• Miners must prepare for the 2028 halving which will double energy costs per Bitcoin

Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter

Anthonys Info:

Website:

https://www.powermininganalysis.com

https://twitter.com/cazenove_uk

Patreon:

https://www.patreon.com/Cazenove_UK

Bryce's Info:

https://twitter.com/McnallieM

Patreon:

https://www.patreon.com/McNallieMoney

Merch:

https://shop.mcnalliemoney.com/