Mining Valuation Worksheet

	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	R	S	T	U	V	X	Y	Z
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2	CryptoNoobs Podcast
3	Bitcoin Miners Comparable Trading Worksheet
4	https://cryptonoobs.buzzsprout.com/															NOT FINANCIAL ADVICE
5	https://twitter.com/urbanscribesays									All Ball Park Run Rates				86551.16
6										TTM to	TTM	5/2	Raw	BTC
7			As of	11/2/2021						Revs	FFO	EBITDA	NI	Held			Cash/
8		SP$	SO	EV	Debt	BTC	Cash	AVwBTC						10/21	11/21	AggVal/EBITDA	Years of FFO

9	RIOT	16.13	117	1,887	6	547.0	113.0	1,233		320	-160	60	30	6320	3995	20.6x	-0.70625
10	HUT	45.01	178	8,012	20.2	559.1	78	7,395		200	-80	80	30	6460	4724	92.4x	-0.975
11	BITF	3.48	168	585	21.5	229.0	81.55	296		160	-65	41	-22	2646	2646	7.2x	-1.254615385
12	MARA	11.81	99.6	1,176	0	645.1	20.9	510		42		-30	-32	7453	7453
13	IREN				3
14	HIVE		386.8		30.9		107.5	-76.6		99.5		70	61
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16																Multiples
17										Last			BALLPARK		Change	AVwBTC/BTC	AV/4yrProd	AV/4yrProd
18			Latest			Most Recent Target				Month				2022	from	per BTC held	per BTC prod	per BTC prod
19		As Of	Miners	EH		Miners	EH			Prod			Haircut	runrate	Rate		last month	runrate			EH Growth	Miner Growth
20	RIOT	5/15/2022	46375	4.7		90150	12.8			508	508		50%	592.8	17%	$195,128	$50,574	$43,343	Bitmain		2.7x	1.9x	2.3x
21	MARA	11/2/2021	42381	2.96		133000	13.3			417.7	417.7		40%	956.3	129%	$68,470	$25,452	$11,117	Bitmain	Target	4.5x	3.1x	3.8x
22	HUT	5/15/2022		2.58			6			264	264					$1,144,715	$583,559		NVDA rigs	$110,000 CAD per day
23	BITF	11/1/2021	MIX	1.8		MIX	8			343	343		50%	762.2	122%	$111,707	$17,953	$8,079			4.4x		4.4x
24	IREN			0.185
25	HIVE		1000							300	234						-$5,319		BTC, ETH
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30			As of	5/10/2022
31		SP$	SO	EV	Debt		BTC	Cash	AVwBTC
32	MSTR	177.18	11.1	1966.7	2400	129218	11184
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35			46375				12.8			508
36	RIOT		27200		2.8		8.6			464
37	HUT
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