| A | B | C | D | E | F | H | K | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | AA | AB | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | OTC BTC Miners | 5/10/2026 | ||||||||||||||||||||||
2 | Share Price Est. | #VALUE! | Live BTC Price: | $81,259 | 9/1/2021 | |||||||||||||||||||
3 | Small Cap Miners | *+7.91%* in 24 hours | Live ETH Price: | $2,354 | 1712 | |||||||||||||||||||
4 | [TLDR] | |||||||||||||||||||||||
5 | *informational only* | *informational only* | *informational only* | Estimated Share Price of Small Cap Miners | ||||||||||||||||||||
6 | Stock | Current | Marketcap | Marketcap | Current | 12/31/2021 | 3/31/2022 | 12/31/2022 | Estimated | Value of | Marketcap | Hash Rate / | Projected | Projected | Estimated | |||||||||
7 | Ticker | Share Price | (USD) | (Billions - USD) | Hash Rate | Hash Rate | Hash Rate | Hash Rate | BTC Held | BTC Held | Less BTC Held | Marketcap % | Marketcap (B) | Share Price | SP % Increase | Notes | ||||||||
8 | ||||||||||||||||||||||||
9 | MARA | $12.94 | 4,932,691,608 | $4.933 | 2,700 | 6,700 | 10,700 | 13,300 | 38,843 | $3,156,368,911 | $1.776 | 152.00% | [a] | |||||||||||
10 | RIOT | $24.08 | 9,105,880,867 | $9.106 | 2,600 | 4,000 | 5,200 | 7,700 | 34,164 | $2,776,165,053 | $6.330 | 41.08% | [b] | |||||||||||
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12 | HUT | $98.46 | 14,031,534,600 | $14.032 | 1,370 | 3,000 | 4,500 | 6,000 | 20,864 | $1,695,366,780 | $12.336 | 11.11% | $3.115 | $21.85 | -77.80% | [0] | ||||||||
13 | ||||||||||||||||||||||||
14 | BITF | #N/A | #N/A | #N/A | 1,540 | 1,660 | 3,000 | 8,000 | 19,171 | $1,557,834,493 | #N/A | #N/A | $3.153 | #N/A | #N/A | [0], [2], [3], [4] | ||||||||
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18 | BTBT | $1.80 | 587,838,944 | $0.588 | 1,920 | 14,675 | $1,192,466,346 | -60.46% | -317.55% | $3.181 | $9.74 | 441.19% | <<< NOTE: Just looking at BTBT for fun - still worried about their pending lawsuit regarding them lying about their hash rate back in January or whatever | |||||||||||
19 | CIFR | $20.55 | 8,403,928,352 | $8.404 | $0 | 840.39% | 0.00% | $0.000 | $0.00 | -100.00% | Bitfury | |||||||||||||
20 | ANY | $1.82 | 6,969,238 | $0.007 | $0 | 0.70% | 0.00% | $0.000 | $0.00 | -100.00% | ||||||||||||||
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24 | [TLDR] "Estimated Share Price Percentage Increase" in Column X indicates the percentage that the small cap miner is undervalued compared to MARA and RIOT based on their relative current hash rate and marketcap. | |||||||||||||||||||||||
25 | Future hash rate (presented as *informational only*) is not considered in this model's calculation but obviously impacts valuations/share price. | |||||||||||||||||||||||
26 | ||||||||||||||||||||||||
27 | Positioning - HUT seems to offer to most upside in the shorter term as it catches up to RIOT/MARA with the least amount of risk of dilution (sorry bitfarm). | |||||||||||||||||||||||
28 | - MARA's relative giga-chad 2021 year end hash rate seems to be the best way for leveraged exposure to the scenario where we see BTC 100K by EOY. | |||||||||||||||||||||||
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30 | Notes | |||||||||||||||||||||||
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32 | [0] Bitfarm shelf offering of $500,000,000 is on the table (WATCH OUT FOR THIS DILUTION) - the funds are needed on their end to complete their Argentina expansion [which is estimated to be completed Q1 22, so they likely need the proceeds soon] | |||||||||||||||||||||||
33 | Estimated Dilution Percentage | #N/A | https://sec.report/Document/0001213900-21-042378/ | |||||||||||||||||||||
34 | [1] The purpose of this worksheet is to calculate the projected share price of the OTC Miners shortly after uplisting to the NASDAQ (*cough* SHORTLY *cough*) - please moon soon | |||||||||||||||||||||||
35 | [2] OTC Miner Projected Marketcap after NASDAQ listing based on average RIOT/MARA current hash rate to marketcap ratio >>> | 96.54% | = Avg. [a] + [b] | |||||||||||||||||||||
36 | Tendies credit: | [3] OTC Miner Projected Marketcap = Current Hash Rate / (Avg. [a] + [b]) | ||||||||||||||||||||||
37 | [4] OTC Miner Projected Share Price = Projected Marketcap percentage increase x Current Share Price | Positions or Ban: | ||||||||||||||||||||||
38 | [5] General Note - OTC Miner Estimates are based on current hash rate alone (not projected future hash rate) | |||||||||||||||||||||||
39 | [6] HIVE mines ETH and BTC, "Hash Rate / Marketcap %" taken from @Cheshire_Cat on Stocktwits, March "hash rate" derrived from percentage | HUT | $12.5c - 1/21/22 | 250 Contracts | ||||||||||||||||||||
40 | [7] Amounts in Green are automatically updated from Google Finance (and converted to USD where needed). Hash Rate must be manually entered. Amount of BTC Held updated per monthly miner PRs. | HUT | $10c - 1/22/22 | 320 Contracts | ||||||||||||||||||||
41 | [8] Limitations - Markets are forward looking, future hash rate impacts share price but is not considered in this model. | MARA | $85c - 1/21/22 | 100 Contracts | ||||||||||||||||||||
42 | u/kbbqking | Google finance marketcap numbers for OTC Miners may not be 100% accurate per @Cheshire_Cat. However, deemed to be close enough for purposes of this estimate | ||||||||||||||||||||||
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