The SLNH case was always based on crypto not collapsing as I said many times here. Unfortunately that happened.
Their business model is appealing as someone who comes from the tech world. Large scale batch computing at a discount based on stranded electricity is a terrific idea. Unfortunately I don’t see how they get from here to there at current crypto price without massive dilution if they can even get there at all. They have a gazillion ASIC’s and what they actually need is a gazillion GPU’s plus software infrastructure to support it plus sales and marketing.
If crypto were to come back to the point that they are meaningfully cash flow positive to fund what they want to do I think it would be an interesting speculative play at these levels with high upside.
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