Bitcoin Miner Marathon Digital ‘Inexplicably Expensive,’ While Riot Platforms ‘Cheap,’ Says Analyst

Bitcoin (CRYPTO: BTC) mining stocks are a mixed bag right now. With soaring hashrates and dwindling returns, the industry is feeling the squeeze.

But according to JPMorgan’s Reginald L. Smith, not all miners are created equal. In fact, Smith says MARA Holdings Inc (NASDAQ:MARA) is far too expensive for what it offers, while Riot Platforms Inc (NASDAQ:RIOT) may be a hidden gem.

So, why is one stock overpriced and the other underappreciated? The devil’s in the details.

Why MARA Is Expensive

Smith’s analysis revolves around the economics of grid connections and mining …

Full story available on Benzinga.com