Arcane Research analysts have just proposed an industry metric for benchmarking public mining companies and according to it, the shares of mining company Marathon Digital are the most overvalued.
The company experts have called the indicator of the ratio of market capitalization to operating hashrate a simplified analog of the widely used metric of investment attractiveness P/E – the price of a share to its annual profit.
It is generally believed that a high value of the indicator indicates the company is overvalued.
According to Arcane Research experts, the high appreciation of Marathon by investors is associated with the company’s ambitious plans to increase its hash rate, which is supported by orders of large batches of crypto mining devices.
However, the company is not deploying its new devices on schedule. In fact, by April, the company has rate should be 10 EH/s, whereas it has only reached 3.9 EH/s.
