Bernstein Diverges on Bitcoin Mining Giants: Company Securing $6.6 Billion Deal Takes the Lead
In a report evaluating Bitcoin mining giants’ transition to AI infrastructure, Bernstein placed CleanSpark (CLSK), which has taken concrete steps, ahead of MARA Holdings (MARA), which has yet to sign a commercial contract.
As the cryptocurrency mining sector enters a new era with artificial intelligence (AI) integration, research and brokerage firm Bernstein clearly highlighted the difference between the two industry giants. In its latest analysis, Bernstein set an “Outperform” rating for CleanSpark with a $24 price target, while maintaining a “Market-Perform” rating and a $17 price target for MARA. The basis for this divergence lies in how quickly the companies can translate their AI strategies from theoretical goals into concrete applications.
CleanSpark distinguished itself from competitors by signing a massive 20-year lease agreement worth $6.6 billion, covering 175 IT MW of capacity at its Sandersville facility in Georgia. This deal with a global tech giant confirmed the company’s first large-scale move into the AI field. With an estimated capital expenditure of approximately $1.9 billion, the project’s first data hall is expected to become operational in the fourth quarter of 2027.
CleanSpark’s Concrete Success vs. MARA’s Expectations
On the other hand, while MARA possesses a vast power portfolio capable of reaching 4.2 GW and a strategic partnership with Starwood, it has yet to sign its first commercial AI contract. Company management continues to express confidence in securing at least two lease agreements by year-end. However, Bernstein analysts emphasize that these intentions must transform into official agreements to create a real catalyst for the stock price.
Bernstein values each megawatt of power available for AI at $3 million while evaluating both miners using the sum-of-the-parts method. In addition to its Bitcoin mining operations, CleanSpark’s current liquidity and progress in construction processes put it one step ahead in the AI race. For MARA, executing the expected commercial moves is critical to improving its market performance.