All of the DD is in the prospectus they just filed. BETS has already started mining on one property, and they just closed on a second property. They posted the website to their crypto wallet so anyone can see their current holdings. I would post it here, but feel folks should know how to do at least the minimal DD on their own. It's the internet. Around 130 coins presently. Each mining property is projected by them to produce 0.4 bitcoin a day, which they say very directly is 12/month. That is if everything works perfectly without any disruptions. 24 bitcoin/month, which is 288 bitcoin/year. At today's price of $43k, that's around $12.4 million.
That's it for revenues. Soaking wet. No more revenue they project to make. Now, factor in overhead. Those are the costs to pay employees (they have over 100), rent for the properties, the equipment which already cost around $50m total (there was a huge deposit on the books that was recently paid off with the last $50m share sale), the fact that the equipment only has a useful life of around 3 years, and the massive costs for energy. The average cost in the US is around $46k to mine one bitcoin, but they do have a good deal in Texas at a rate less than that until 2027. According to a press release, they saved $200k in about three months on the current mining farm. Project that out over the entire year and you are looking at energy savings of around $1.6m on the two mining farms. In any event, those energy costs are very real and going to be around $10m for both farms, which significantly cuts into the margins on $12.4m in revenues. And all of that is based on the current cost of bitcoin at around $43k. On one hand, if the price of bitcoin goes up, the company will make more than a couple of million dollars. That's great, but not an earth-shattering investment. On the other hand, the one that no one ever wants to believe, bitcoin could go down in price. It has happened many times over the years. It is highly volatile and speculative. It is not bashing to consider the fact it is entirely possible the mining operation will not be profitable at all.
Those are the real numbers to consider. By no means is this crypto mining company anything state of the art or worthy of rocket ship status. If all goes perfectly, they stand to make several million dollars in profits. But those will only be paper profits on the books because their stated plan is to hold the coins they mine as a long-term investment. That means no dividends for investors, just book value. Folks should consider all of the financial angles before blindly stating BETS is poised to rocket. It's poised to mine 288 coins next year from 2 mining farms. The math is what it is. Good Luck!
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