Cost-per-bitcoin calculation

	A	B	C	D	E	F
1		MARA	(source)	RIOT	(source)
2	Cost of revenue	$26,393,636	https://www.sec.gov/ix?doc=/Archives/edgar/data/0001507605/000149315222012398/form10-q.htm	$19,094,000	https://www.sec.gov/ix?doc=/Archives/edgar/data/1167419/000107997322000557/riot_10q-033122.htm	Explanation: This is an attempt to estimate the ongoing operational cost per bitcoin for MARA and RIOT, based on their Q1 2022 costs. First I attempt to construct equivalent measures of operational costs, which in RIOT involves adding depreciation and subtracting stock- based compensation from SG&A. Then I estimate the average hash rate over Q1 by taking the average of beginning and end of quarter rates. I then compare that to the current global hashrate, to estimate the ongoing bitcoin yield per EH/s. Combining that with estimated cost of that hash rate, I estimate a per-bitcoin cost.
3	G&A	$1,389,388	https://www.sec.gov/ix?doc=/Archives/edgar/data/0001507605/000149315222012398/form10-q.htm	$10,910,000	https://www.sec.gov/ix?doc=/Archives/edgar/data/1167419/000107997322000557/riot_10q-033122.htm
4	Depreciation			$14,254,000	https://www.sec.gov/ix?doc=/Archives/edgar/data/1167419/000107997322000557/riot_10q-033122.htm
5	Stock-based comp			$3,042,000
6	Total op cost	$27,783,024	SUM(B2:B3)	$41,216,000
7	2021 EOY hashrate	3.5	https://ir.marathondh.com/news-events/press-releases/detail/1273/marathon-digital-holdings-announces-bitcoin-production-and	3.1	https://www.riotblockchain.com/news-media/press-releases/detail/122/riot-blockchain-announces-december-production-and
8	EO Q1 hashrate	3.9	https://ir.marathondh.com/news-events/press-releases/detail/1281/marathon-digital-holdings-announces-bitcoin-production-and	4.3	https://www.riotblockchain.com/news-media/press-releases/detail/126/riot-blockchain-announces-march-2022-production-and
9	Est. avg hashrate	3.7	AVERAGE(B7:B8)	3.7	AVERAGE(D7:D8)
10
11	Current worldwide hashrate (EH/s)	225	https://bitinfocharts.com/comparison/bitcoin-hashrate.html	225	https://bitinfocharts.com/comparison/bitcoin-hashrate.html
12	Mining subsidy in Q1 (BTC)	81000	900*90	81000	900*90
13	Transaction fees in Q1	1000	https://www.blockchain.com/charts/transaction-fees	1000	https://www.blockchain.com/charts/transaction-fees
14	Total mining revenue (BTC)	82000	SUM(B12:B13)	82000	SUM(D12:D13)
15
16	Fraction of worldwide hashrate	1.64%	B9/B11	1.64%	D9/D11
17	Expected ongoing BTC per quarter	1348.44	B16*B14	1348.44	D16*D14
18	Est. cost per bitcoin	$20,604	B6/B17	$30,566	D6/D17
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