We can compare the valuations of mining companies using the industry metric Price/Hashrate. A miner’s hashrate is their capacity to produce bitcoin. Therefore, Price/Hashrate considers future earnings, and we can view the metric as a simplified version of the Forward Price/Earnings ratio.
The most expensive mining stock based on Price/Hashrate is Marathon. Investors are pricing in massive future hashrate growth, as the company has enormous machine orders waiting to be plugged in.