三大价值构筑深度护城河 灿谷(CANG.US)估值被严重低估

Core Insights - The Bitcoin mining industry is undergoing a significant transformation in its evaluation criteria, moving beyond just "hashrate" as the sole determinant of market value [1] - Capital markets are now seeking two types of targets: companies like Core Scientific that have successfully transitioned to AI, and highly efficient miners like CleanSpark [1] - CANG.US represents a third, atypical survival model in the industry [1] Group 1: Cost Efficiency and Operational Strategy - CANG.US has adopted a low-cost entry strategy by acquiring second-hand mining machines, achieving a hashrate acquisition cost of approximately $8/TH, which provides a natural safety cushion compared to peers [2] - The company employs a "Refresh" strategy for dynamic upgrades, planning to upgrade 6 EH/s of hashrate to S21 by Q4 2025, only paying the price difference [2] - CANG.US has significantly improved its mining machine online rate, achieving industry-leading operational efficiency, with the cost of mining a single Bitcoin controlled at around $98,000, well below market prices [2] Group 2: AI Integration and Market Positioning - As mining rewards halve, AI has become a critical battleground for mining companies, with firms that have clear AI/HPC revenue significantly outperforming pure mining companies in stock price [3] - CANG.US has chosen a different approach by focusing on "AI inference" rather than building large data centers, transforming global mining sites into decentralized AI nodes [3] - This strategy allows CANG.US to capitalize on high turnover rates and flexibility, positioning itself advantageously in the emerging AI inference demand [3] Group 3: Market Perception and Valuation - Despite ranking among the top five in hashrate globally (50 EH/s), CANG.US is only held by 35 institutional investors, indicating a significant information asymmetry that could lead to excess returns [4] - The market currently undervalues CANG.US, with its market capitalization even lower than its tangible assets (BTC holdings + mining machines + cash - debt) [4] - As CANG.US's AI business begins to be disclosed and its Bitcoin holdings are reassessed, even a small influx of institutional funds could have a substantial pricing impact on this low liquidity, undervalued asset [4]