You're spot on with that valuation. All my calculations have this in that area as well. I continue to add a few shares about every other day to my core position.
I look at is as they can ramp to 500 rigs on their own with 0 financing. That will net about 300 bitcoin in a year. Difficulty will go up but so will price. Should target 1000 BTC on the balance sheet here as value. If BTC is $100k there is $100M value.
now if they can get 1500 rigs then 3x all of this. in no way should this be under $4.00 at this time as they need no money to grow on their own to 500 rigs and stash away net profits in the form of Bitcoin in cold storage for future value.
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