Bitcoin (BTC) mining heavyweights Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) are among the most overvalued crypto mining companies relative to their competitors, says MinerMetrics founder and analyst Jaran Mellerud.
The key metric backing Mellerud's claim is enterprise value-to-sales ratio — measuring a company's value to its sales revenue. The higher the ratio, the more overvalued a company is.