Market analysis suggests a growing disparity in the Bitcoin mining sector, where Western miners like MARA and Riot are competing against significant Chinese hashrate operating at much lower costs. Reports estimate 105 EH/s of Chinese hashrate runs at $0.03/kWh, compared to Western costs often exceeding $0.06/kWh. The analysis argues that Western mining stocks are trading at valuations that incorrectly assume they control marginal production. However, undisclosed hashrate from China, estimated at 14% of the global total, undermines this pricing power. This cost disadvantage places pressure on the profitability models of publicly traded Western miners, potentially threatening their current market valuations if energy cost spreads persist.