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