Code Green Apparel Corp (CGAC)

[cryptobro1990]

A friend from the crypto space passed this along to me last week, and I wanted to break it down so more people understand what’s sitting in front of them. Finally got some time to look at the technicals. I've invested in CleanSpark and MARA and this thing looks early stage.

Assets On Hand
From what I can gather, the company has multiple sites in various stages of development:

McAllen Site (10MW)
Fully developed and operational. Based on current market rates of $400K–$500K per MW for operational bitcoin sites, this alone could be worth
$5 million.

George West Site (13MW)
Construction has started, and transformers have been delivered on-site as of the latest update. Once deployed, this site could be valued around
$6.5 million.

Hillmont Site (8MW operational, 16MW expansion planned)
8MW currently running = $4 million in value
16MW planned expansion = $8 million

📍 Total physical asset value: ~$23.5 million across 47MW of infrastructure.

S21 Profitability Basics
To understand the revenue side, let’s look at miner performance:

An Antminer S21 produces around $336/month in gross revenue at current BTC price and network difficulty (NiceHash calculator)
Power usage: ~3.5kW
Power cost at $0.04/kWh = $100/month per unit
That leaves ~$236/month in net revenue per miner

Revenue Split Model (BTBT Agreement)
According to this announcement from MinerMag:
https://www.theminermag.com/news/2025-03-19/bit-digital-bitcoin-miner

CGAC and Bit Digital (BTBT) are in a 35% revenue share agreement:

BTBT supplies the miners

CGAC hosts them at their site and covers infrastructure

CGAC receives 35% of net revenue after power costs

This model means CGAC can scale revenue without needing to own the hardware themselves.

Revenue Potential
Let’s break this down with basic estimates:

George West (13MW – in deployment)

*Estimated capacity: ~3,500 S21s
*Gross monthly revenue: 3,500 x $336 = ~$1.2 million

I'm going to make a guess here on power costs but lets assume 4c per kW/h, it would be nice to know these numbers. It could be lower than this but I couldn't find anything in the financials that reflects this.
Power cost: 13,000kW x 720 hrs x $0.04 = ~$374,000/month
Net mining revenue: ~$826,000/month

CGAC 35% share: ~$289,000/month

Let’s assume this site is running Antminer T21s
Each T21 generates about $336.35/month in gross revenue (NiceHash profitability)

*Power draw: ~5kW per unit
*Power cost at $0.04/kWh = 5kW x 720 hours x $0.04 = $144/month per unit
*Net revenue per unit = ~$192/month
*Assuming ~2,000 T21s (fits into 10MW range):

Gross monthly revenue: ~$672,700
Power cost: ~2,000 x $144 = $288,000/month
Net revenue: ~$384,700/month

CGAC’s 35% share = ~$134,645/month

🟢 Estimated monthly profit for CGAC: ~$130K–$140K

Hillmont Site (8MW live)
https://www.cbs42.com/business/press-releases/ein-presswire/779765223/a-r-t-digital-holdings-secures-24mw-hillmont-bitcoin-mining-facility-for-expanded-operations/
🟢 Estimated monthly profit: $60K–$80K

Total Earnings Potential
Once all 47MW are online, using the same 35% rev share model:

Estimated Monthly Profit: ~$814,000

Annual Profit: ~$9.8 million

Annual Revenue (gross, including power): ~$26 million
(Assuming $0.04/kWh power cost)

Valuation Thoughts
When this company completes these development projects, and looks like they can do it fast!!
https://www.artdigitalcorp.com/post/art-digital-holdings-completes-build-out-and-achieves-full-operations-at-mcallen-texas-facility
Public bitcoin miners are often valued around 8x revenue.
If this company hits $26M in annual revenue, that suggests a:

➡️ Potential valuation: ~$200 million

Which is wild considering how under-the-radar it still is.