Part 7/12:
- Notably, some miners plan aggressive growth, such as Marathon and Riot, claiming to nearly triple their hash rate within 90 days—a target the analyst views skeptically, especially for Marathon.
CleanSpark stands out as a successful rapid expansion case, increasing their hash rate by 30% within 30 days, demonstrating effective project execution and capital deployment.
Financial Ratios and Capital Efficiency
A critical part of the analysis involves financial metrics, notably:
- Market Cap to Exahash Ratio: CleanSpark emerges as most capital-efficient, with a ratio near $400 million per exahash, while Marathon’s ratio indicates poor capital efficiency.