Mind that these are based on current hash rates. Multiple as the table above (HUT/CLSK = 2.42), but put into terms of 2022 revenues. Traditional stocks, especially with the ~90% margins they have. Both of these values (4.11 for HUT and 1.7 for CLSK) are quite low in terms of

With cash andīitcoin subtracted from the market caps, the remaining market cap is essentially paying forįuture growth. From that, we can determine an approximate 2022 EV/S ratio. The next table summarizes the 2022 mining outlook for 2022 based on their current Investor would pay 2.42x as much for HUT hash rate as opposed to CLSK hash rate. As the table shows, HUT has a much higher EV/Hash Rate, which means an We can get an approximate Enterprise Value by subtracting Bitcoin and cash from the First, I’ll start with the basics by comparingīitcoin held, cash held, and market cap (as of and using January updates): My goal here is to evaluate the differences in the strategies and determine whichĬompany offers a better investment opportunity. This seems to be a solidĪpproach because offering stock while the stock price is down could really dilute the current Only be dipping into it slightly while opting to sell Bitcoin instead. They have an “At the Market” share offering open, but appear to One the other hand, CleansparkĮvidently does not care to hodl too many Bitcoins and has been selling them consistently to That they’ll have to dilute their stock every once in a while. Raise approximately 170M USD, most of which they still hold. They used a share offering which closed in September to Hut 8 has vowed to “hodl” the coins that they mine, and There is a major difference in business strategy between two mid-sized Bitcoin miners,

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