$HUT - A quick analysis of cryptocurrency mining operations and why MARA and RIOT might be overvalue...

Summary This is a quick look at a few Canadian and US based crypto mining companies based on market cap and their capability to mine crypto. It looks at overall market cap between these companies and then looks at the ratio of current market cap compared to current mining rates and future mining rates. This is a very simplified view but essentially mining capability = revenue. Thoughts at first glance The US based miners seem overvalued, even when they get new capacity up and running, compared to the Canadian mining operations. I would assume this is due to being listed on OTCs in the US and Canadian Exchanges to less exposure to major capital markets. Company Hut 8 Mining Corp Bitfarms Limited Hive Blockchain Riot Mara Symbol TSX:HUT CSE:BITF CVE:HIVE NASDAQ: RIOT NASDAQ: MARA Market Cap ($M)  $          1,268  $           710  $         1,725  $         4,100  $          4,250 Current PH/s             1,073              965              653              566               248 Future PH/s             1,548            1,300            2,747            1,446             1,400 Market Cap ($M) / PH/s (Current)               1.2              0.7              2.6              7.2              17.1 Market Cap ($M) / PH/s (Future)               0.8              0.5              0.6              2.8               3.0 Notes: This does not take into account what these miners are doing with the crypto (hold or sell). This doesn’t account for the crypto they are mining for (Bitcoin vs Ethereum). This does not factor in the costs of running a mining operation or other factors. There are a number of other mining operations out there I just chose a few that I was aware of. Current and future capacity sources (note: these may not be 100% accurate as there were multiple press releases talking about current and future capacity) HUT8 – here Bitfarms – here Hive – here RIOT- here MARA - here

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GeorgeL88

Mar 21, 2021

9.18%

Change % Since Posting

10.57

Price When Posted

0.97

Change Since Posting

HUT.TO

Hut 8 Mining Corp

11.54

0.48
4.34%
Current Price

$HUT - A quick analysis of cryptocurrency mining operations and why MARA and RIOT might be overvalue...

bullish

Summary

This is a quick look at a few Canadian and US based crypto mining companies based on market cap and their capability to mine crypto. It looks at overall market cap between these companies and then looks at the ratio of current market cap compared to current mining rates and future mining rates. This is a very simplified view but essentially mining capability = revenue.

Thoughts at first glance

  • The US based miners seem overvalued, even when they get new capacity up and running, compared to the Canadian mining operations. I would assume this is due to being listed on OTCs in the US and Canadian Exchanges to less exposure to major capital markets.

Company

Hut 8 Mining Corp

Bitfarms Limited

Hive Blockchain

Riot

Mara

Symbol

TSX:HUT

CSE:BITF

CVE:HIVE

NASDAQ: RIOT

NASDAQ: MARA

Market Cap ($M)

 $          1,268

 $           710

 $         1,725

 $         4,100

 $          4,250

Current PH/s

            1,073

             965

             653

             566

              248

Future PH/s

            1,548

           1,300

           2,747

           1,446

            1,400

Market Cap ($M) / PH/s (Current)

              1.2

             0.7

             2.6

             7.2

             17.1

Market Cap ($M) / PH/s (Future)

              0.8

             0.5

             0.6

             2.8

              3.0

 

Notes:

  • This does not take into account what these miners are doing with the crypto (hold or sell).
  • This doesn’t account for the crypto they are mining for (Bitcoin vs Ethereum).
  • This does not factor in the costs of running a mining operation or other factors.
  • There are a number of other mining operations out there I just chose a few that I was aware of.

Current and future capacity sources (note: these may not be 100% accurate as there were multiple press releases talking about current and future capacity)

HUT8 – here

Bitfarms – here

Hive – here

RIOT- here

MARA - here

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read-time
3 min

13.21

Target Price

7/ 10

Confidence

2-4 Weeks

Timeframe
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Earnings Release
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News
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SEC Filing
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Sentiment
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