10 pairs of figures tested 16 ways across the 18 miners on file, on data as of 2026-09-06: the strongest fit on at least 8 points is annualized revenue on realized hashrate, both in log10 (R squared 0.47, n 10, p 0.028); 36 reach p under 0.01 on enough points to be an article candidate. Over the last 365 sessions the median miner's daily log return moved 1.13 for each 1.00 of bitcoin's (18 miners, 16:00 ET on NYSE session dates).

ANALYSISCOMPUTED 2026-09-12DATA AS OF 2026-09-0618 MINERSCODE 8451b1a67fc1

01 PAIRS: 10 PAIRS OF FIGURES, 15 WITH A FIT

Each panel is one question the brief asked of the figures, the scatter with the least-squares line, the full read-out, and the inputs. A pair on two sizes also carries the test on log10 of both.

01 REVENUE AGAINST HASHRATE

FORMULAS

Revenue is a share of network hashrate times the bitcoin price (spec 7.1), so realized hashrate should carry annualized revenue.

The dashed line fits annualized revenue to realized hashrate across 10 miners

USD per year · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits annualized revenue to realized hashrate across 10 miners
Company	x (EH/s)	y (USD per year)
BTBT	0.4	$128.5M
BTDR	76.7	$451.4M
CIFR	11.6	$99.3M
CLSK	38.6	$766.3M
CORZ	15.7	$656.8M
HUT	28.1	$299.7M
IREN	23.2	$707M
MARA	70.3	$699.5M
RIOT	44.4	$696.9M
WULF	9.3	$179.1M
OLS fit	slope 5582723.880114, intercept 290762398.895966, fitted in levels

The statistics of annualized revenue on realized hashrate
n	10
degrees of freedom	8
slope	5.58M	95% interval -1.63M to 12.8M
intercept	291M
SST	651,000T	total sum of squares
SSR	185,000T	explained by the fit
SSE	466,000T	left over
R squared	0.28	SSR over SST
t, slope	1.79	standard error 3.13M
p, slope	0.112	two-sided
Pearson r	0.53	p 0.112
Spearman rho	0.60	p 0.067
x mean	31.8	sd 25.7, variance 661, median 25.7
y mean	468M	sd 269M, variance 72,300T, median 554M

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (10 of 18)

Company	Hashrate, realized (EH/s)	Period, as of, source	Revenue, annualized from the latest reported period (USD per year)	Period, as of, source
BTBT	0.4	period not stated, as of 2026-06-30, source	$128.5M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source
BTDR	76.7	July 2026, as of 2026-07-31, source	$451.4M(derived)	half-year ended 2025-06-30, times 2, as of 2025-06-30, source
CIFR	11.6	Q2 2026, as of 2026-08-04, source	$99.3M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source
CLSK	38.6	July 2026, as of 2026-07-31, source	$766.3M	year ended 2025-09-30, as of 2025-09-30, source
CORZ	15.7	FY2025, as of 2025-12-31, source	$656.8M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source
HUT	28.1	Q2 2026, as of 2026-06-30, source	$299.7M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source
IREN	23.2	FY26 year-end, as of 2026-06-30, source	$707M	year ended 2026-06-30, as of 2026-06-30, source
MARA	70.3	Q2 2026, as of 2026-06-30, source	$699.5M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source
RIOT	44.4	Q2 2026, as of 2026-06-30, source	$696.9M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source
WULF	9.3	FY2025 year-end, as of 2025-12-31, source	$179.1M(derived)	quarter ended 2026-06-30, times 4, as of 2026-06-30, source

Not in the sample: HIVE (realized hashrate: status reported-not-comparable: This is installed hashrate, not realized: the filing says the total installed hashrate was approximately 25.2 EH/s, and the same quarter's release gives 24.0 EH/s as the quarter average. The Tier 1 companies report self-mining hashrate actually produced. The company's words: "As of July 31, 2026, the Company's total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH". The Q1 FY2027 release gives 24.0 EH/s as the quarter average.); KEEL (realized hashrate: Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (realized hashrate: Not disclosed by the company in the documents read on 2026-09-06.); ARBK (realized hashrate: status reported-not-comparable: Fleet capability, not realized hashrate: the 20-F says the fleet 'can generate up to 2.4 exahash per second'. It is also the oldest hero figure on the site, from the fiscal 2025 balance date. The company's words: "As of December 31, 2025, we had a fleet of approximately 22,600 machines mining Bitcoin that can generate up to 2.4 exahash per second of computing power."); VIP (realized hashrate: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (realized hashrate: no research pack carries this company); ANY (realized hashrate: no research pack carries this company); BGDE (realized hashrate: no research pack carries this company).

02 MARKET CAP AGAINST BTC HELD

FORMULAS

Whether the market values a miner by the bitcoin on its balance sheet.

The dashed line fits bitcoin held to market capitalization across 8 miners

BTC · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits bitcoin held to market capitalization across 8 miners
Company	x (USD)	y (BTC)
BTDR	$3.36B	257
CIFR	$7.36B	646
CLSK	$3.26B	13,931
CORZ	$5.75B	848
HUT	$11.53B	17,316
IREN	$17.61B	0
MARA	$4.37B	35,577
RIOT	$8.18B	11,380
OLS fit	slope -6.59065e-7, intercept 15054.482532, fitted in levels

The statistics of bitcoin held on market capitalization
n	8
degrees of freedom	6
slope	-0.000000659	95% interval -0.00000313 to 0.00000181
intercept	15.1K
SST	1.09B	total sum of squares
SSR	72.4M	explained by the fit
SSE	1.02B	left over
R squared	0.07	SSR over SST
t, slope	-0.65	standard error 0.00000101
p, slope	0.538	two-sided
Pearson r	-0.26	p 0.538
Spearman rho	-0.24	p 0.570
x mean	7.68B	sd 4.88B, variance 23,800,000T, median 6.56B
y mean	9.99K	sd 12.5K, variance 156M, median 6.11K

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (8 of 18)

Company	Market capitalization (USD)	Period, as of, source	Bitcoin held (BTC)	Period, as of, source
BTDR	$3.36B(computed)	spot, as of 2026-09-04, source	257	July 2026, as of 2026-07-31, source
CIFR	$7.36B(computed)	spot, as of 2026-09-04, source	646	Q2 2026, as of 2026-06-30, source
CLSK	$3.26B(computed)	spot, as of 2026-09-04, source	13,931	July 2026, as of 2026-07-31, source
CORZ	$5.75B(computed)	spot, as of 2026-09-04, source	848	Q2 2026, as of 2026-06-30, source
HUT	$11.53B(computed)	spot, as of 2026-09-04, source	17,316	Q2 2026, as of 2026-06-30, source
IREN	$17.61B(computed)	spot, as of 2026-09-04, source	0	FY26 year-end, as of 2026-06-30, source
MARA	$4.37B(computed)	spot, as of 2026-09-04, source	35,577	Q2 2026, as of 2026-06-30, source
RIOT	$8.18B(computed)	spot, as of 2026-09-04, source	11,380	Q2 2026, as of 2026-06-30, source

Not in the sample: WULF (bitcoin held: BTC count not disclosed; digital assets carried at $133 thousand fair value at 2026-06-30, so holdings are de minimis. 10-Q Note 1: 'Bitcoin earned as consideration is routinely converted to U.S. dollars.'); BTBT (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $83.6M, debt $336.2M, and 360.6M shares are on file; the price is the term that is missing.); HIVE (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $208M, debt $234.9M, and 274.3M shares are on file; the price is the term that is missing.); KEEL (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $768.9M, debt $1.03B, and 617.6M shares are on file; the price is the term that is missing.); DMGGF (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. None of cash, debt or the share count is on file; the price is the term that is missing. DMG files nothing with the SEC and trades over the counter, so its figures are graded as company releases.); ARBK (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $2.2M, debt $40.2M, and 28.9B shares are on file; the price is the term that is missing. Argo trades as ADSs worth 2,160 ordinary shares each, so an ADS price multiplied by the ordinary share count would overstate market capitalization by that ratio; the figure is left null rather than computed on a mismatched pair.); VIP (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $3.2M, debt $39.5M, and 18M shares are on file; the price is the term that is missing.); DGXX (market capitalization: no research pack carries this company); ANY (market capitalization: no research pack carries this company); BGDE (market capitalization: no research pack carries this company).

03 MARKET CAP AGAINST EV/EH

FORMULAS

Whether larger miners trade at a higher or lower price per exahash than smaller ones.

The dashed line fits EV per EH/s to market capitalization across 6 miners

USD per EH/s · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits EV per EH/s to market capitalization across 6 miners
Company	x (USD)	y (USD per EH/s)
BTDR	$3.36B	$61.9M
CIFR	$7.36B	$1.1B
CLSK	$3.26B	$125.4M
HUT	$11.53B	$677.4M
MARA	$4.37B	$91M
RIOT	$8.18B	$191.5M
OLS fit	slope 0.078634, intercept -127427215.901797, fitted in levels

6 points: the test is computed but has little power, and one company can move it.

The statistics of EV per EH/s on market capitalization
n	6
degrees of freedom	4
slope	0.0786	95% interval -0.0599 to 0.217
intercept	-127M
SST	865,000T	total sum of squares
SSR	331,000T	explained by the fit
SSE	534,000T	left over
R squared	0.38	SSR over SST
t, slope	1.58	standard error 0.0499
p, slope	0.190	two-sided
Pearson r	0.62	p 0.190
Spearman rho	0.66	p 0.156
x mean	6.34B	sd 3.27B, variance 10,700,000T, median 5.87B
y mean	371M	sd 416M, variance 173,000T, median 158M

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (6 of 18)

Company	Market capitalization (USD)	Period, as of, source	EV per EH/s (USD per EH/s)	Period, as of, source
BTDR	$3.36B(computed)	spot, as of 2026-09-04, source	$61.9M(computed)	spot, as of 2026-09-04, source
CIFR	$7.36B(computed)	spot, as of 2026-09-04, source	$1.1B(computed)	spot, as of 2026-09-04, source
CLSK	$3.26B(computed)	spot, as of 2026-09-04, source	$125.4M(computed)	spot, as of 2026-09-04, source
HUT	$11.53B(computed)	spot, as of 2026-09-04, source	$677.4M(computed)	spot, as of 2026-09-04, source
MARA	$4.37B(computed)	spot, as of 2026-09-04, source	$91M(computed)	spot, as of 2026-09-04, source
RIOT	$8.18B(computed)	spot, as of 2026-09-04, source	$191.5M(computed)	spot, as of 2026-09-04, source

Not in the sample: CORZ (EV per EH/s: status computed-not-comparable: all inputs present; BTC holdings not netted (shown separately); CAVEAT: restricted cash is not netted in EV (spec formula uses cash and equivalents); see the dossier cash note for the restricted balance; Not comparable: HPC/AI revenue is 83% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company); IREN (EV per EH/s: status computed-not-comparable: all inputs present; BTC holdings not netted (shown separately); CAVEAT: restricted cash is not netted in EV (spec formula uses cash and equivalents); see the dossier cash note for the restricted balance; Not comparable: HPC/AI revenue is 51% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company); WULF (EV per EH/s: status computed-not-comparable: all inputs present; BTC holdings not netted (shown separately); CAVEAT: restricted cash is not netted in EV (spec formula uses cash and equivalents); see the dossier cash note for the restricted balance; Not comparable: HPC/AI revenue is 71% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company); BTBT (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $83.6M, debt $336.2M, and 360.6M shares are on file; the price is the term that is missing.); HIVE (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $208M, debt $234.9M, and 274.3M shares are on file; the price is the term that is missing.); KEEL (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $768.9M, debt $1.03B, and 617.6M shares are on file; the price is the term that is missing.); DMGGF (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. None of cash, debt or the share count is on file; the price is the term that is missing. DMG files nothing with the SEC and trades over the counter, so its figures are graded as company releases.); ARBK (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $2.2M, debt $40.2M, and 28.9B shares are on file; the price is the term that is missing. Argo trades as ADSs worth 2,160 ordinary shares each, so an ADS price multiplied by the ordinary share count would overstate market capitalization by that ratio; the figure is left null rather than computed on a mismatched pair.); VIP (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $3.2M, debt $39.5M, and 18M shares are on file; the price is the term that is missing.); DGXX (market capitalization: no research pack carries this company); ANY (market capitalization: no research pack carries this company); BGDE (market capitalization: no research pack carries this company).

04 MARKET CAP AGAINST HASHRATE

FORMULAS

Whether the market values a miner by the hashrate it runs.

The dashed line fits realized hashrate to market capitalization across 9 miners

EH/s · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits realized hashrate to market capitalization across 9 miners
Company	x (USD)	y (EH/s)
BTDR	$3.36B	76.7
CIFR	$7.36B	11.6
CLSK	$3.26B	38.6
CORZ	$5.75B	15.7
HUT	$11.53B	28.1
IREN	$17.61B	23.2
MARA	$4.37B	70.3
RIOT	$8.18B	44.4
WULF	$8.24B	9.3
OLS fit	slope -2.52652e-9, intercept 54.877352, fitted in levels

The statistics of realized hashrate on market capitalization
n	9
degrees of freedom	7
slope	-0.00000000253	95% interval -0.00000000678 to 0.00000000173
intercept	54.9
SST	4.85K	total sum of squares
SSR	1.07K	explained by the fit
SSE	3.79K	left over
R squared	0.22	SSR over SST
t, slope	-1.40	standard error 0.0000000018
p, slope	0.203	two-sided
Pearson r	-0.47	p 0.203
Spearman rho	-0.50	p 0.170
x mean	7.74B	sd 4.57B, variance 20,900,000T, median 7.36B
y mean	35.3	sd 24.6, variance 607, median 28.1

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (9 of 18)

Company	Market capitalization (USD)	Period, as of, source	Hashrate, realized (EH/s)	Period, as of, source
BTDR	$3.36B(computed)	spot, as of 2026-09-04, source	76.7	July 2026, as of 2026-07-31, source
CIFR	$7.36B(computed)	spot, as of 2026-09-04, source	11.6	Q2 2026, as of 2026-08-04, source
CLSK	$3.26B(computed)	spot, as of 2026-09-04, source	38.6	July 2026, as of 2026-07-31, source
CORZ	$5.75B(computed)	spot, as of 2026-09-04, source	15.7	FY2025, as of 2025-12-31, source
HUT	$11.53B(computed)	spot, as of 2026-09-04, source	28.1	Q2 2026, as of 2026-06-30, source
IREN	$17.61B(computed)	spot, as of 2026-09-04, source	23.2	FY26 year-end, as of 2026-06-30, source
MARA	$4.37B(computed)	spot, as of 2026-09-04, source	70.3	Q2 2026, as of 2026-06-30, source
RIOT	$8.18B(computed)	spot, as of 2026-09-04, source	44.4	Q2 2026, as of 2026-06-30, source
WULF	$8.24B(computed)	spot, as of 2026-09-04, source	9.3	FY2025 year-end, as of 2025-12-31, source

Not in the sample: BTBT (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $83.6M, debt $336.2M, and 360.6M shares are on file; the price is the term that is missing.); HIVE (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $208M, debt $234.9M, and 274.3M shares are on file; the price is the term that is missing.); KEEL (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $768.9M, debt $1.03B, and 617.6M shares are on file; the price is the term that is missing.); DMGGF (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. None of cash, debt or the share count is on file; the price is the term that is missing. DMG files nothing with the SEC and trades over the counter, so its figures are graded as company releases.); ARBK (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $2.2M, debt $40.2M, and 28.9B shares are on file; the price is the term that is missing. Argo trades as ADSs worth 2,160 ordinary shares each, so an ADS price multiplied by the ordinary share count would overstate market capitalization by that ratio; the figure is left null rather than computed on a mismatched pair.); VIP (market capitalization: This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $3.2M, debt $39.5M, and 18M shares are on file; the price is the term that is missing.); DGXX (market capitalization: no research pack carries this company); ANY (market capitalization: no research pack carries this company); BGDE (market capitalization: no research pack carries this company).

05 MARGIN AGAINST ALL-IN COST

FORMULAS

Whether a higher all-in cost per bitcoin shows up as a thinner gross margin in the filed accounts.

2 miners are placed by all-in cost per bitcoin and gross margin, too few for a fit

percent of revenue · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

2 miners are placed by all-in cost per bitcoin and gross margin, too few for a fit
Company	x (USD per BTC)	y (percent of revenue)
CLSK	$96,277	+55.2%
WULF	$95,611	+72.3%

2 points: no test is computed under 3.

The statistics of gross margin on all-in cost per bitcoin
n	2
fit	not computed
x mean	95.9K	sd 471, variance 222K, median 95.9K
y mean	63.8	sd 12.1, variance 146, median 63.8

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (2 of 18)

Company	All-in cost per bitcoin (USD per BTC)	Period, as of, source	Gross margin (percent of revenue)	Period, as of, source
CLSK	$96,277	Q3 FY2026, as of 2026-06-30, source	+55.2%(derived)	year ended 2025-09-30, as of 2025-09-30, source
WULF	$95,611	FY2025, as of 2025-12-31, source	+72.3%(derived)	quarter ended 2026-06-30, as of 2026-06-30, source

Not in the sample: MARA (all-in cost per bitcoin: not disclosed as a per-BTC all-in figure. The company reports cost per petahash per day ($27.7 in Q2 2026, down 4% from $28.7) instead. Derivable inputs: purchased energy $48.8 million, O&M $26.9 million, hosting and other energy $69.2 million, D&A $174.7 million against 2,422 BTC.); RIOT (gross margin: no cost of revenue tagged for the quarter ended 2026-06-30); CORZ (all-in cost per bitcoin: Not disclosed. Derived here for reference only, not a company figure: 80.9M USD / about 695 BTC = about 116,400 USD per BTC (segment cost incl. depreciation, excl. SG&A).); IREN (all-in cost per bitcoin: Not disclosed. Derived FY26 cost of revenue per BTC is about $33,400 (see direct cost note); no depreciation-inclusive figure is published.); HUT (all-in cost per bitcoin: Not disclosed by Hut 8 or ABTC (checked Q2 2026 releases and 10-Q).); CIFR (all-in cost per bitcoin: Not disclosed; Company reports no all-in cost metric.); BTDR (all-in cost per bitcoin: Not disclosed. Derived all-in cost of revenue = ($171.0M + $28.8M) / 2,694 BTC = ~$74,200 per BTC including depreciation and SBC in cost of revenue (derived here, not a company figure).); BTBT (all-in cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); HIVE (all-in cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); KEEL (all-in cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (all-in cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); ARBK (all-in cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); VIP (all-in cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (all-in cost per bitcoin: no research pack carries this company); ANY (all-in cost per bitcoin: no research pack carries this company); BGDE (all-in cost per bitcoin: no research pack carries this company).

06 MARGIN AGAINST DIRECT COST

FORMULAS

The same question on the direct cost, which more companies report.

The dashed line fits gross margin to direct cost per bitcoin across 4 miners

percent of revenue · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits gross margin to direct cost per bitcoin across 4 miners
Company	x (USD per BTC)	y (percent of revenue)
CLSK	$44,406	+55.2%
HUT	$36,500	+64.1%
IREN	$26,259	+68.9%
WULF	$53,681	+72.3%
OLS fit	slope 0.000014443, intercept 64.560578, fitted in levels

4 points: the test is computed but has little power, and one company can move it.

The statistics of gross margin on direct cost per bitcoin
n	4
degrees of freedom	2
slope	0.0000144	95% interval -0.00192 to 0.00195
intercept	64.6
SST	165	total sum of squares
SSR	0.085	explained by the fit
SSE	165	left over
R squared	0.00	SSR over SST
t, slope	0.03	standard error 0.00045
p, slope	0.977	two-sided
Pearson r	0.02	p 0.977
Spearman rho	0.20	p 0.800
x mean	40.2K	sd 11.7K, variance 136M, median 40.5K
y mean	65.1	sd 7.41, variance 55, median 66.5

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (4 of 18)

Company	Direct cost per bitcoin (USD per BTC)	Period, as of, source	Gross margin (percent of revenue)	Period, as of, source
CLSK	$44,406	Q3 FY2026, as of 2026-06-30, source	+55.2%(derived)	year ended 2025-09-30, as of 2025-09-30, source
HUT	$36,500	Q2 2026, as of 2026-06-30, source	+64.1%(derived)	quarter ended 2026-06-30, as of 2026-06-30, source
IREN	$26,259	June 2025, as of 2025-06-30, source	+68.9%(derived)	year ended 2026-06-30, as of 2026-06-30, source
WULF	$53,681	FY2025, as of 2025-12-31, source	+72.3%(derived)	quarter ended 2026-06-30, as of 2026-06-30, source

Not in the sample: MARA (gross margin: no cost of revenue tagged for the quarter ended 2026-06-30); RIOT (gross margin: no cost of revenue tagged for the quarter ended 2026-06-30); CORZ (direct cost per bitcoin: Not disclosed as a per-coin figure. Derived here for reference only, not a company figure: H1 2026 self-mining power fees 45.1M USD / about 695 BTC = about 64,900 USD per BTC (power only).); CIFR (direct cost per bitcoin: Not disclosed. Derived only: Q2 2026 cost of revenue $15.0M (primarily Odessa power) / ~346 BTC = ~$43,500 per BTC before depreciation and SG&A (derived here, not a company figure).); BTDR (direct cost per bitcoin: Not disclosed. Derived electricity-only cost = ($84.7M + $13.3M) / 2,694 BTC = ~$36,400 per BTC (derived here, excludes co-mining hosting fees in 'other costs').); BTBT (direct cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); HIVE (direct cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); KEEL (direct cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (direct cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); ARBK (direct cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); VIP (direct cost per bitcoin: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (direct cost per bitcoin: no research pack carries this company); ANY (direct cost per bitcoin: no research pack carries this company); BGDE (direct cost per bitcoin: no research pack carries this company).

07 DIRECT COST AGAINST J/TH

FORMULAS

Fewer joules per terahash should mean less power bought per bitcoin mined.

The dashed line fits direct cost per bitcoin to fleet efficiency in J/TH across 6 miners

USD per BTC · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits direct cost per bitcoin to fleet efficiency in J/TH across 6 miners
Company	x (J/TH)	y (USD per BTC)
CLSK	15.8	$44,406
HUT	14.1	$36,500
IREN	15.0	$26,259
MARA	18.6	$38,690
RIOT	20.2	$49,912
WULF	17.5	$53,681
OLS fit	slope 2615.106992, intercept -2533.471262, fitted in levels

6 points: the test is computed but has little power, and one company can move it.

The statistics of direct cost per bitcoin on fleet efficiency in J/TH
n	6
degrees of freedom	4
slope	2.62K	95% interval -2.1K to 7.33K
intercept	-2.53K
SST	493M	total sum of squares
SSR	183M	explained by the fit
SSE	310M	left over
R squared	0.37	SSR over SST
t, slope	1.54	standard error 1.7K
p, slope	0.199	two-sided
Pearson r	0.61	p 0.199
Spearman rho	0.66	p 0.156
x mean	16.9	sd 2.31, variance 5.36, median 16.7
y mean	41.6K	sd 9.93K, variance 98.5M, median 41.5K

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (6 of 18)

Company	Fleet efficiency (J/TH)	Period, as of, source	Direct cost per bitcoin (USD per BTC)	Period, as of, source
CLSK	15.8	Q3 FY2026, as of 2026-06-30, source	$44,406	Q3 FY2026, as of 2026-06-30, source
HUT	14.1	Q2 2026, as of 2026-06-30, source	$36,500	Q2 2026, as of 2026-06-30, source
IREN	15.0	June 2025, as of 2025-06-30, source	$26,259	June 2025, as of 2025-06-30, source
MARA	18.6	FY2025, as of 2025-12-31, source	$38,690	Q2 2026, as of 2026-06-30, source
RIOT	20.2	Q1 2026, as of 2026-03-31, source	$49,912	Q2 2026, as of 2026-06-30, source
WULF	17.5	FY2025 year-end, as of 2025-12-31, source	$53,681	FY2025, as of 2025-12-31, source

Not in the sample: CORZ (fleet efficiency in J/TH: not disclosed in the FY2025 10-K or 2026 10-Qs); CIFR (direct cost per bitcoin: Not disclosed. Derived only: Q2 2026 cost of revenue $15.0M (primarily Odessa power) / ~346 BTC = ~$43,500 per BTC before depreciation and SG&A (derived here, not a company figure).); BTDR (direct cost per bitcoin: Not disclosed. Derived electricity-only cost = ($84.7M + $13.3M) / 2,694 BTC = ~$36,400 per BTC (derived here, excludes co-mining hosting fees in 'other costs').); BTBT (fleet efficiency in J/TH: Not disclosed by the company in the documents read on 2026-09-06.); HIVE (fleet efficiency in J/TH: status reported-not-comparable: Efficiency implied from the nameplate rather than fleet-weighted from production: the filing says 'an implied efficiency of 16.5 J/TH, based on the nameplat[e]'. The company's words: "total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH, based on the nameplat[e]"); KEEL (fleet efficiency in J/TH: Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (fleet efficiency in J/TH: Not disclosed by the company in the documents read on 2026-09-06.); ARBK (fleet efficiency in J/TH: Not disclosed by the company in the documents read on 2026-09-06.); VIP (fleet efficiency in J/TH: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (fleet efficiency in J/TH: no research pack carries this company); ANY (fleet efficiency in J/TH: no research pack carries this company); BGDE (fleet efficiency in J/TH: no research pack carries this company).

08 BTC HELD AGAINST HASHRATE

FORMULAS

Whether the miners that run the most hashrate also hold the most bitcoin.

The dashed line fits bitcoin held to realized hashrate across 8 miners

BTC · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits bitcoin held to realized hashrate across 8 miners
Company	x (EH/s)	y (BTC)
BTDR	76.7	257
CIFR	11.6	646
CLSK	38.6	13,931
CORZ	15.7	848
HUT	28.1	17,316
IREN	23.2	0
MARA	70.3	35,577
RIOT	44.4	11,380
OLS fit	slope 241.241049, intercept 688.501541, fitted in levels

The statistics of bitcoin held on realized hashrate
n	8
degrees of freedom	6
slope	241	95% interval -215 to 697
intercept	689
SST	1.09B	total sum of squares
SSR	238M	explained by the fit
SSE	853M	left over
R squared	0.22	SSR over SST
t, slope	1.29	standard error 186
p, slope	0.243	two-sided
Pearson r	0.47	p 0.243
Spearman rho	0.29	p 0.493
x mean	38.6	sd 24.2, variance 584, median 33.4
y mean	9.99K	sd 12.5K, variance 156M, median 6.11K

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (8 of 18)

Company	Hashrate, realized (EH/s)	Period, as of, source	Bitcoin held (BTC)	Period, as of, source
BTDR	76.7	July 2026, as of 2026-07-31, source	257	July 2026, as of 2026-07-31, source
CIFR	11.6	Q2 2026, as of 2026-08-04, source	646	Q2 2026, as of 2026-06-30, source
CLSK	38.6	July 2026, as of 2026-07-31, source	13,931	July 2026, as of 2026-07-31, source
CORZ	15.7	FY2025, as of 2025-12-31, source	848	Q2 2026, as of 2026-06-30, source
HUT	28.1	Q2 2026, as of 2026-06-30, source	17,316	Q2 2026, as of 2026-06-30, source
IREN	23.2	FY26 year-end, as of 2026-06-30, source	0	FY26 year-end, as of 2026-06-30, source
MARA	70.3	Q2 2026, as of 2026-06-30, source	35,577	Q2 2026, as of 2026-06-30, source
RIOT	44.4	Q2 2026, as of 2026-06-30, source	11,380	Q2 2026, as of 2026-06-30, source

Not in the sample: WULF (bitcoin held: BTC count not disclosed; digital assets carried at $133 thousand fair value at 2026-06-30, so holdings are de minimis. 10-Q Note 1: 'Bitcoin earned as consideration is routinely converted to U.S. dollars.'); BTBT (bitcoin held: Not disclosed by the company in the documents read on 2026-09-06.); HIVE (realized hashrate: status reported-not-comparable: This is installed hashrate, not realized: the filing says the total installed hashrate was approximately 25.2 EH/s, and the same quarter's release gives 24.0 EH/s as the quarter average. The Tier 1 companies report self-mining hashrate actually produced. The company's words: "As of July 31, 2026, the Company's total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH". The Q1 FY2027 release gives 24.0 EH/s as the quarter average.); KEEL (realized hashrate: Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (realized hashrate: Not disclosed by the company in the documents read on 2026-09-06.); ARBK (realized hashrate: status reported-not-comparable: Fleet capability, not realized hashrate: the 20-F says the fleet 'can generate up to 2.4 exahash per second'. It is also the oldest hero figure on the site, from the fiscal 2025 balance date. The company's words: "As of December 31, 2025, we had a fleet of approximately 22,600 machines mining Bitcoin that can generate up to 2.4 exahash per second of computing power."); VIP (realized hashrate: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (realized hashrate: no research pack carries this company); ANY (realized hashrate: no research pack carries this company); BGDE (realized hashrate: no research pack carries this company).

09 J/TH AGAINST REVENUE PER MW

FORMULAS

Whether a more efficient fleet earns more from each megawatt.

The dashed line fits fleet efficiency in J/TH to annualized revenue per MW across 8 miners

J/TH · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits fleet efficiency in J/TH to annualized revenue per MW across 8 miners
Company	x (USD per MW per year)	y (J/TH)
BTDR	$522K	15.8
CIFR	$480K	17.2
CLSK	$683K	15.8
HUT	$422K	14.1
IREN	$678K	15.0
MARA	$532K	18.6
RIOT	$539K	20.2
WULF	$1.76M	17.5
OLS fit	slope 5.94063e-7, intercept 16.358256, fitted in levels

The statistics of fleet efficiency in J/TH on annualized revenue per MW
n	8
degrees of freedom	6
slope	0.000000594	95% interval -0.00000396 to 0.00000514
intercept	16.4
SST	28	total sum of squares
SSR	0.468	explained by the fit
SSE	27.5	left over
R squared	0.02	SSR over SST
t, slope	0.32	standard error 0.00000186
p, slope	0.760	two-sided
Pearson r	0.13	p 0.760
Spearman rho	0.29	p 0.490
x mean	702K	sd 435K, variance 189B, median 536K
y mean	16.8	sd 2, variance 4, median 16.5

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (8 of 18)

Company	Revenue per MW, annualized (USD per MW per year)	Period, as of, source	Fleet efficiency (J/TH)	Period, as of, source
BTDR	$522K(computed)	Q2 2026, as of 2026-06-30, source	15.8	Q2 2026, as of 2026-06-30, source
CIFR	$480K(computed)	Q2 2026, as of 2026-06-30, source	17.2	Q2 2026, as of 2026-08-04, source
CLSK	$683K(computed)	Q3 FY2026, as of 2026-06-30, source	15.8	Q3 FY2026, as of 2026-06-30, source
HUT	$422K(computed)	Q2 2026, as of 2026-06-30, source	14.1	Q2 2026, as of 2026-06-30, source
IREN	$678K(computed)	Q4 FY26 (quarter ended June 30, 2026), as of 2026-06-30, source	15.0	June 2025, as of 2025-06-30, source
MARA	$532K(computed)	Q2 2026, as of 2026-06-30, source	18.6	FY2025, as of 2025-12-31, source
RIOT	$539K(computed)	Q2 2026, as of 2026-06-30, source	20.2	Q1 2026, as of 2026-03-31, source
WULF	$1.76M(computed)	Q2 2026, as of 2026-06-30, source	17.5	FY2025 year-end, as of 2025-12-31, source

Not in the sample: CORZ (fleet efficiency in J/TH: not disclosed in the FY2025 10-K or 2026 10-Qs); BTBT (annualized revenue per MW: Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts: it states 12.55 MW of nameplate or contracted capacity instead (hosted capacity at Merkle Standard, as of 2026-06-30), and the peers' denominator is energized capacity, so computing on nameplate would change what the metric means while keeping its label.); HIVE (fleet efficiency in J/TH: status reported-not-comparable: Efficiency implied from the nameplate rather than fleet-weighted from production: the filing says 'an implied efficiency of 16.5 J/TH, based on the nameplat[e]'. The company's words: "total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH, based on the nameplat[e]"); KEEL (annualized revenue per MW: Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts.); DMGGF (annualized revenue per MW: Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no quarterly revenue, and no energized megawatts: it states 75 MW of nameplate or contracted capacity instead (as of 2026-03-06), and the peers' denominator is energized capacity, so computing on nameplate would change what the metric means while keeping its label.); ARBK (annualized revenue per MW: Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts.); VIP (fleet efficiency in J/TH: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (annualized revenue per MW: no research pack carries this company); ANY (annualized revenue per MW: no research pack carries this company); BGDE (annualized revenue per MW: no research pack carries this company).

10 XBRL COUNT AGAINST BTC HELD

FORMULAS

The research pass's bitcoin count against the XBRL tag for the same thing: a check on the two sources, not a finding about miners.

The dashed line fits the XBRL bitcoin count to bitcoin held across 5 miners

units · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

The dashed line fits the XBRL bitcoin count to bitcoin held across 5 miners
Company	x (BTC)	y (units)
CLSK	13,931	1,641
HUT	17,316	17,316
IREN	0	0
KEEL	1,861	2,261
RIOT	11,380	11,380
OLS fit	slope 0.720079, intercept 112.623711, fitted in levels

5 points: the test is computed but has little power, and one company can move it.

The statistics of the XBRL bitcoin count on bitcoin held
n	5
degrees of freedom	3
slope	0.72	95% interval -0.518 to 1.96
intercept	113
SST	225M	total sum of squares
SSR	120M	explained by the fit
SSE	105M	left over
R squared	0.53	SSR over SST
t, slope	1.85	standard error 0.389
p, slope	0.161	two-sided
Pearson r	0.73	p 0.161
Spearman rho	0.70	p 0.188
x mean	8.9K	sd 7.6K, variance 57.8M, median 11.4K
y mean	6.52K	sd 7.49K, variance 56.2M, median 2.26K

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/cross_section.json; formulas

Each company's two figures, with period, as-of and source (5 of 18)

Company	Bitcoin held (BTC)	Period, as of, source	Bitcoin held, as tagged in XBRL (units)	Period, as of, source
CLSK	13,931	July 2026, as of 2026-07-31, source	1,641	at 2026-03-31, as of 2026-03-31, source
HUT	17,316	Q2 2026, as of 2026-06-30, source	17,316	at 2026-06-30, as of 2026-06-30, source
IREN	0	FY26 year-end, as of 2026-06-30, source	0	at 2026-06-30, as of 2026-06-30, source
KEEL	1,861	period not stated, as of 2026-08-07, source	2,261	at 2026-06-30, as of 2026-06-30, source
RIOT	11,380	Q2 2026, as of 2026-06-30, source	11,380	at 2026-06-30, as of 2026-06-30, source

Not in the sample: MARA (the XBRL bitcoin count: the company does not tag this concept for a quarter, half-year or fiscal year); CORZ (the XBRL bitcoin count: the company does not tag this concept for a quarter, half-year or fiscal year); WULF (bitcoin held: BTC count not disclosed; digital assets carried at $133 thousand fair value at 2026-06-30, so holdings are de minimis. 10-Q Note 1: 'Bitcoin earned as consideration is routinely converted to U.S. dollars.'); CIFR (the XBRL bitcoin count: the company does not tag this concept for a quarter, half-year or fiscal year); BTDR (the XBRL bitcoin count: the company does not tag this concept for a quarter, half-year or fiscal year); BTBT (bitcoin held: Not disclosed by the company in the documents read on 2026-09-06.); HIVE (bitcoin held: Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (bitcoin held: Not disclosed by the company in the documents read on 2026-09-06.); ARBK (bitcoin held: Not disclosed by the company in the documents read on 2026-09-06.); VIP (bitcoin held: Not disclosed by the company in the documents read on 2026-09-06.); DGXX (bitcoin held: no research pack carries this company); ANY (bitcoin held: no research pack carries this company); BGDE (bitcoin held: no research pack carries this company).

02 DISTRIBUTIONS: 11 FIGURES ACROSS THE 18 MINERS

Every figure the pairs draw on, sorted largest first, with its sample mean, standard deviation, variance and quartiles, and the companies not on file named with the reason.

16 of 18 miners carry revenue, annualized from the latest reported period, sorted largest first

USD per year · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

16 of 18 miners carry revenue, annualized from the latest reported period, sorted largest first
Period	Revenue, annualized from the latest reported period (USD per year)
CLSK	$766.3M
IREN	$707M
MARA	$699.5M (derived)
RIOT	$696.9M (derived)
CORZ	$656.8M (derived)
BTDR	$451.4M (derived)
HIVE	$316.5M (derived)
HUT	$299.7M (derived)
WULF	$179.1M (derived)
BTBT	$128.5M (derived)
KEEL	$121.7M (derived)
CIFR	$99.3M (derived)
DGXX	$26.5M (derived)
BGDE	$24.6M (derived)
VIP	$13.5M (derived)
ANY	$9.8M (derived)

Sample statistics of Revenue, annualized from the latest reported period
n	mean	sd	variance	median	q1	q3	min	max
16 of 18	325M	291M	84,900T	239M	81.1M	667M	9.81M	766M

Each input with period, as-of and source; 2 not on file

Company	Revenue, annualized from the latest reported period (USD per year)	Status	Period	As of	Source
CLSK	$766.3M	reported	year ended 2025-09-30	2025-09-30	filing
IREN	$707M	reported	year ended 2026-06-30	2026-06-30	filing
MARA	$699.5M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
RIOT	$696.9M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
CORZ	$656.8M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
BTDR	$451.4M	derived	half-year ended 2025-06-30, times 2	2025-06-30	filing
HIVE	$316.5M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
HUT	$299.7M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
WULF	$179.1M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
BTBT	$128.5M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
KEEL	$121.7M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
CIFR	$99.3M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
DGXX	$26.5M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
BGDE	$24.6M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
VIP	$13.5M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing
ANY	$9.8M	derived	quarter ended 2026-06-30, times 4	2026-06-30	filing

Not on file: DMGGF (files on SEDAR+ only; no SEC XBRL facts); ARBK (the company does not tag this concept for a quarter, half-year or fiscal year).

11 of 18 miners carry revenue per mw, annualized, sorted largest first

USD per MW per year · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

11 of 18 miners carry revenue per mw, annualized, sorted largest first
Period	Revenue per MW, annualized (USD per MW per year)
WULF	$1.76M (derived)
CORZ	$1.66M (derived)
HIVE	$719K (derived)
CLSK	$683K (derived)
IREN	$678K (derived)
RIOT	$539K (derived)
MARA	$532K (derived)
BTDR	$522K (derived)
CIFR	$480K (derived)
HUT	$422K (derived)
VIP	$130K (derived)

Sample statistics of Revenue per MW, annualized
n	mean	sd	variance	median	q1	q3	min	max
11 of 18	739K	506K	256B	539K	501K	701K	130K	1.76M

Each input with period, as-of and source; 7 not on file

Company	Revenue per MW, annualized (USD per MW per year)	Status	Period	As of	Source
WULF	$1.76M	computed	Q2 2026	2026-06-30	source
CORZ	$1.66M	computed	Q2 2026	2026-06-30	source
HIVE	$719K	computed	10-Q ending 2026-06-30	2026-06-30	source
CLSK	$683K	computed	Q3 FY2026	2026-06-30	source
IREN	$678K	computed	Q4 FY26 (quarter ended June 30, 2026)	2026-06-30	source
RIOT	$539K	computed	Q2 2026	2026-06-30	source
MARA	$532K	computed	Q2 2026	2026-06-30	source
BTDR	$522K	computed	Q2 2026	2026-06-30	source
CIFR	$480K	computed	Q2 2026	2026-06-30	source
HUT	$422K	computed	Q2 2026	2026-06-30	source
VIP	$130K	computed	10-Q ending 2026-06-30	2026-06-30	source

Not on file: BTBT (Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts: it states 12.55 MW of nameplate or contracted capacity instead (hosted capacity at Merkle Standard, as of 2026-06-30), and the peers' denominator is energized capacity, so computing on nameplate would change what the metric means while keeping its label.); KEEL (Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts.); DMGGF (Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no quarterly revenue, and no energized megawatts: it states 75 MW of nameplate or contracted capacity instead (as of 2026-03-06), and the peers' denominator is energized capacity, so computing on nameplate would change what the metric means while keeping its label.); ARBK (Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

10 of 18 miners carry gross margin, sorted largest first

percent of revenue · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

10 of 18 miners carry gross margin, sorted largest first
Period	Gross margin (percent of revenue)
WULF	+72.3% (derived)
IREN	+68.9% (derived)
HUT	+64.1% (derived)
CLSK	+55.2% (derived)
CORZ	+42.7% (derived)
CIFR	+39.4% (derived)
BGDE	+26.1% (derived)
ANY	+6.7% (derived)
BTDR	+4.3% (derived)
KEEL	-285.1% (derived)

Sample statistics of Gross margin
n	mean	sd	variance	median	q1	q3	min	max
10 of 18	9.47	106	11.3K	41	11.6	61.9	-285	72.3

Each input with period, as-of and source; 8 not on file

Company	Gross margin (percent of revenue)	Status	Period	As of	Source
WULF	+72.3%	derived	quarter ended 2026-06-30	2026-06-30	filing
IREN	+68.9%	derived	year ended 2026-06-30	2026-06-30	filing
HUT	+64.1%	derived	quarter ended 2026-06-30	2026-06-30	filing
CLSK	+55.2%	derived	year ended 2025-09-30	2025-09-30	filing
CORZ	+42.7%	derived	quarter ended 2026-06-30	2026-06-30	filing
CIFR	+39.4%	derived	quarter ended 2026-06-30	2026-06-30	filing
BGDE	+26.1%	derived	quarter ended 2026-06-30	2026-06-30	filing
ANY	+6.7%	derived	quarter ended 2026-06-30	2026-06-30	filing
BTDR	+4.3%	derived	half-year ended 2025-06-30	2025-06-30	filing
KEEL	-285.1%	derived	quarter ended 2026-06-30	2026-06-30	filing

Not on file: MARA (no cost of revenue tagged for the quarter ended 2026-06-30); RIOT (no cost of revenue tagged for the quarter ended 2026-06-30); BTBT (no cost of revenue tagged for the quarter ended 2026-06-30); HIVE (no cost of revenue tagged for the quarter ended 2026-06-30); DMGGF (no SEC XBRL facts on file); ARBK (no revenue fact for a quarter, half-year or fiscal year); VIP (no cost of revenue tagged for the quarter ended 2026-06-30); DGXX (no cost of revenue tagged for the quarter ended 2026-06-30).

10 of 18 miners carry hashrate, realized, sorted largest first

EH/s · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

10 of 18 miners carry hashrate, realized, sorted largest first
Period	Hashrate, realized (EH/s)
BTDR	76.7
MARA	70.3
RIOT	44.4
CLSK	38.6
HUT	28.1
IREN	23.2
CORZ	15.7
CIFR	11.6
WULF	9.3
BTBT	0.4

Sample statistics of Hashrate, realized
n	mean	sd	variance	median	q1	q3	min	max
10 of 18	31.8	25.7	661	25.7	12.6	43	0.4	76.7

Each input with period, as-of and source; 8 not on file

Company	Hashrate, realized (EH/s)	Status	Period	As of	Source
BTDR	76.7	reported	July 2026	2026-07-31	source
MARA	70.3	reported	Q2 2026	2026-06-30	source
RIOT	44.4	reported	Q2 2026	2026-06-30	source
CLSK	38.6	reported	July 2026	2026-07-31	source
HUT	28.1	reported	Q2 2026	2026-06-30	source
IREN	23.2	reported	FY26 year-end	2026-06-30	source
CORZ	15.7	reported	FY2025	2025-12-31	source
CIFR	11.6	reported	Q2 2026	2026-08-04	source
WULF	9.3	reported	FY2025 year-end	2025-12-31	source
BTBT	0.4	reported	not stated	2026-06-30	source

Not on file: HIVE (status reported-not-comparable: This is installed hashrate, not realized: the filing says the total installed hashrate was approximately 25.2 EH/s, and the same quarter's release gives 24.0 EH/s as the quarter average. The Tier 1 companies report self-mining hashrate actually produced. The company's words: "As of July 31, 2026, the Company's total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH". The Q1 FY2027 release gives 24.0 EH/s as the quarter average.); KEEL (Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (Not disclosed by the company in the documents read on 2026-09-06.); ARBK (status reported-not-comparable: Fleet capability, not realized hashrate: the 20-F says the fleet 'can generate up to 2.4 exahash per second'. It is also the oldest hero figure on the site, from the fiscal 2025 balance date. The company's words: "As of December 31, 2025, we had a fleet of approximately 22,600 machines mining Bitcoin that can generate up to 2.4 exahash per second of computing power."); VIP (Not disclosed by the company in the documents read on 2026-09-06.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

9 of 18 miners carry bitcoin held, sorted largest first

BTC · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

9 of 18 miners carry bitcoin held, sorted largest first
Period	Bitcoin held (BTC)
MARA	35,577
HUT	17,316
CLSK	13,931
RIOT	11,380
KEEL	1,861
CORZ	848
CIFR	646
BTDR	257
IREN	0

Sample statistics of Bitcoin held
n	mean	sd	variance	median	q1	q3	min	max
9 of 18	9.09K	12K	144M	1.86K	646	13.9K	0	35.6K

Each input with period, as-of and source; 9 not on file

Company	Bitcoin held (BTC)	Status	Period	As of	Source
MARA	35,577	reported	Q2 2026	2026-06-30	source
HUT	17,316	reported	Q2 2026	2026-06-30	source
CLSK	13,931	reported	July 2026	2026-07-31	source
RIOT	11,380	reported	Q2 2026	2026-06-30	source
KEEL	1,861	reported	not stated	2026-08-07	source
CORZ	848	reported	Q2 2026	2026-06-30	source
CIFR	646	reported	Q2 2026	2026-06-30	source
BTDR	257	reported	July 2026	2026-07-31	source
IREN	0	reported	FY26 year-end	2026-06-30	source

Not on file: WULF (BTC count not disclosed; digital assets carried at $133 thousand fair value at 2026-06-30, so holdings are de minimis. 10-Q Note 1: 'Bitcoin earned as consideration is routinely converted to U.S. dollars.'); BTBT (Not disclosed by the company in the documents read on 2026-09-06.); HIVE (Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (Not disclosed by the company in the documents read on 2026-09-06.); ARBK (Not disclosed by the company in the documents read on 2026-09-06.); VIP (Not disclosed by the company in the documents read on 2026-09-06.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

9 of 18 miners carry market capitalization, sorted largest first

USD · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

9 of 18 miners carry market capitalization, sorted largest first
Period	Market capitalization (USD)
IREN	$17.61B (derived)
HUT	$11.53B (derived)
WULF	$8.24B (derived)
RIOT	$8.18B (derived)
CIFR	$7.36B (derived)
CORZ	$5.75B (derived)
MARA	$4.37B (derived)
BTDR	$3.36B (derived)
CLSK	$3.26B (derived)

Sample statistics of Market capitalization
n	mean	sd	variance	median	q1	q3	min	max
9 of 18	7.74B	4.57B	20,900,000T	7.36B	4.37B	8.24B	3.26B	17.6B

Each input with period, as-of and source; 9 not on file

Company	Market capitalization (USD)	Status	Period	As of	Source
IREN	$17.61B	computed	spot	2026-09-04	source
HUT	$11.53B	computed	spot	2026-09-04	source
WULF	$8.24B	computed	spot	2026-09-04	source
RIOT	$8.18B	computed	spot	2026-09-04	source
CIFR	$7.36B	computed	spot	2026-09-04	source
CORZ	$5.75B	computed	spot	2026-09-04	source
MARA	$4.37B	computed	spot	2026-09-04	source
BTDR	$3.36B	computed	spot	2026-09-04	source
CLSK	$3.26B	computed	spot	2026-09-04	source

Not on file: BTBT (This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $83.6M, debt $336.2M, and 360.6M shares are on file; the price is the term that is missing.); HIVE (This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $208M, debt $234.9M, and 274.3M shares are on file; the price is the term that is missing.); KEEL (This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $768.9M, debt $1.03B, and 617.6M shares are on file; the price is the term that is missing.); DMGGF (This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. None of cash, debt or the share count is on file; the price is the term that is missing. DMG files nothing with the SEC and trades over the counter, so its figures are graded as company releases.); ARBK (This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $2.2M, debt $40.2M, and 28.9B shares are on file; the price is the term that is missing. Argo trades as ADSs worth 2,160 ordinary shares each, so an ADS price multiplied by the ordinary share count would overstate market capitalization by that ratio; the figure is left null rather than computed on a mismatched pair.); VIP (This pass carries no share price for a Tier 2 company, so market capitalization cannot be formed. Cash $3.2M, debt $39.5M, and 18M shares are on file; the price is the term that is missing.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

8 of 18 miners carry bitcoin held, as tagged in xbrl, sorted largest first

units · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

8 of 18 miners carry bitcoin held, as tagged in xbrl, sorted largest first
Period	Bitcoin held, as tagged in XBRL (units)
HUT	17,316
RIOT	11,380
BTBT	10,221
KEEL	2,261
CLSK	1,641
DGXX	9
WULF	2
IREN	0

Sample statistics of Bitcoin held, as tagged in XBRL
n	mean	sd	variance	median	q1	q3	min	max
8 of 18	5.35K	6.68K	44.6M	1.95K	7.25	10.5K	0	17.3K

Each input with period, as-of and source; 10 not on file

Company	Bitcoin held, as tagged in XBRL (units)	Status	Period	As of	Source
HUT	17,316	reported	at 2026-06-30	2026-06-30	filing
RIOT	11,380	reported	at 2026-06-30	2026-06-30	filing
BTBT	10,221	reported	at 2025-09-30	2025-09-30	filing
KEEL	2,261	reported	at 2026-06-30	2026-06-30	filing
CLSK	1,641	reported	at 2026-03-31	2026-03-31	filing
DGXX	9	reported	at 2025-12-31	2025-12-31	filing
WULF	2	reported	at 2026-06-30	2026-06-30	filing
IREN	0	reported	at 2026-06-30	2026-06-30	filing

Not on file: MARA (the company does not tag this concept for a quarter, half-year or fiscal year); CORZ (the company does not tag this concept for a quarter, half-year or fiscal year); CIFR (the company does not tag this concept for a quarter, half-year or fiscal year); BTDR (the company does not tag this concept for a quarter, half-year or fiscal year); HIVE (the company does not tag this concept for a quarter, half-year or fiscal year); DMGGF (files on SEDAR+ only; no SEC XBRL facts); ARBK (the company does not tag this concept for a quarter, half-year or fiscal year); VIP (the company does not tag this concept for a quarter, half-year or fiscal year); ANY (the company does not tag this concept for a quarter, half-year or fiscal year); BGDE (the company does not tag this concept for a quarter, half-year or fiscal year).

8 of 18 miners carry fleet efficiency, sorted largest first

J/TH · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

Sample statistics of Fleet efficiency
n	mean	sd	variance	median	q1	q3	min	max
8 of 18	16.8	2	4	16.5	15.6	17.8	14.1	20.2

Each input with period, as-of and source; 10 not on file

Company	Fleet efficiency (J/TH)	Status	Period	As of	Source
RIOT	20.2	reported	Q1 2026	2026-03-31	source
MARA	18.6	reported	FY2025	2025-12-31	source
WULF	17.5	reported	FY2025 year-end	2025-12-31	source
CIFR	17.2	reported	Q2 2026	2026-08-04	source
BTDR	15.8	reported	Q2 2026	2026-06-30	source
CLSK	15.8	reported	Q3 FY2026	2026-06-30	source
IREN	15.0	reported	June 2025	2025-06-30	source
HUT	14.1	reported	Q2 2026	2026-06-30	source

Not on file: CORZ (not disclosed in the FY2025 10-K or 2026 10-Qs); BTBT (Not disclosed by the company in the documents read on 2026-09-06.); HIVE (status reported-not-comparable: Efficiency implied from the nameplate rather than fleet-weighted from production: the filing says 'an implied efficiency of 16.5 J/TH, based on the nameplat[e]'. The company's words: "total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH, based on the nameplat[e]"); KEEL (Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (Not disclosed by the company in the documents read on 2026-09-06.); ARBK (Not disclosed by the company in the documents read on 2026-09-06.); VIP (Not disclosed by the company in the documents read on 2026-09-06.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

6 of 18 miners carry direct cost per bitcoin, sorted largest first

USD per BTC · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

Sample statistics of Direct cost per bitcoin
n	mean	sd	variance	median	q1	q3	min	max
6 of 18	41.6K	9.93K	98.5M	41.5K	37K	48.5K	26.3K	53.7K

Each input with period, as-of and source; 12 not on file

Company	Direct cost per bitcoin (USD per BTC)	Status	Period	As of	Source
WULF	$53,681	reported	FY2025	2025-12-31	source
RIOT	$49,912	reported	Q2 2026	2026-06-30	source
CLSK	$44,406	reported	Q3 FY2026	2026-06-30	source
MARA	$38,690	reported	Q2 2026	2026-06-30	source
HUT	$36,500	reported	Q2 2026	2026-06-30	source
IREN	$26,259	reported	June 2025	2025-06-30	source

Not on file: CORZ (Not disclosed as a per-coin figure. Derived here for reference only, not a company figure: H1 2026 self-mining power fees 45.1M USD / about 695 BTC = about 64,900 USD per BTC (power only).); CIFR (Not disclosed. Derived only: Q2 2026 cost of revenue $15.0M (primarily Odessa power) / ~346 BTC = ~$43,500 per BTC before depreciation and SG&A (derived here, not a company figure).); BTDR (Not disclosed. Derived electricity-only cost = ($84.7M + $13.3M) / 2,694 BTC = ~$36,400 per BTC (derived here, excludes co-mining hosting fees in 'other costs').); BTBT (Not disclosed by the company in the documents read on 2026-09-06.); HIVE (Not disclosed by the company in the documents read on 2026-09-06.); KEEL (Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (Not disclosed by the company in the documents read on 2026-09-06.); ARBK (Not disclosed by the company in the documents read on 2026-09-06.); VIP (Not disclosed by the company in the documents read on 2026-09-06.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

6 of 18 miners carry ev per eh/s, sorted largest first

USD per EH/s · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

6 of 18 miners carry ev per eh/s, sorted largest first
Period	EV per EH/s (USD per EH/s)
CIFR	$1.1B (derived)
HUT	$677.4M (derived)
RIOT	$191.5M (derived)
CLSK	$125.4M (derived)
MARA	$91M (derived)
BTDR	$61.9M (derived)

Sample statistics of EV per EH/s
n	mean	sd	variance	median	q1	q3	min	max
6 of 18	371M	416M	173,000T	158M	99.6M	556M	61.9M	1.08B

Each input with period, as-of and source; 12 not on file

Company	EV per EH/s (USD per EH/s)	Status	Period	As of	Source
CIFR	$1.1B	computed	spot	2026-09-04	source
HUT	$677.4M	computed	spot	2026-09-04	source
RIOT	$191.5M	computed	spot	2026-09-04	source
CLSK	$125.4M	computed	spot	2026-09-04	source
MARA	$91M	computed	spot	2026-09-04	source
BTDR	$61.9M	computed	spot	2026-09-04	source

Not on file: CORZ (status computed-not-comparable: all inputs present; BTC holdings not netted (shown separately); CAVEAT: restricted cash is not netted in EV (spec formula uses cash and equivalents); see the dossier cash note for the restricted balance; Not comparable: HPC/AI revenue is 83% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company); IREN (status computed-not-comparable: all inputs present; BTC holdings not netted (shown separately); CAVEAT: restricted cash is not netted in EV (spec formula uses cash and equivalents); see the dossier cash note for the restricted balance; Not comparable: HPC/AI revenue is 51% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company); WULF (status computed-not-comparable: all inputs present; BTC holdings not netted (shown separately); CAVEAT: restricted cash is not netted in EV (spec formula uses cash and equivalents); see the dossier cash note for the restricted balance; Not comparable: HPC/AI revenue is 71% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company); BTBT (This pass carries no share price for a Tier 2 company, so enterprise value cannot be formed: it is market capitalization plus debt less cash, and market capitalization is the missing term. Cash $83.6M, debt $336.2M, and 360.6M shares are on file.); HIVE (This pass carries no share price for a Tier 2 company, so enterprise value cannot be formed: it is market capitalization plus debt less cash, and market capitalization is the missing term. Cash $208M, debt $234.9M, and 274.3M shares are on file.); KEEL (This pass carries no share price for a Tier 2 company, so enterprise value cannot be formed: it is market capitalization plus debt less cash, and market capitalization is the missing term. Cash $768.9M, debt $1.03B, and 617.6M shares are on file.); DMGGF (This pass carries no share price for a Tier 2 company, so enterprise value cannot be formed: it is market capitalization plus debt less cash, and market capitalization is the missing term. None of cash, debt or the share count is on file. DMG files nothing with the SEC and trades over the counter, so its figures are graded as company releases.); ARBK (This pass carries no share price for a Tier 2 company, so enterprise value cannot be formed: it is market capitalization plus debt less cash, and market capitalization is the missing term. Cash $2.2M, debt $40.2M, and 28.9B shares are on file. Argo trades as ADSs worth 2,160 ordinary shares each, so an ADS price multiplied by the ordinary share count would overstate market capitalization by that ratio; the figure is left null rather than computed on a mismatched pair.); VIP (This pass carries no share price for a Tier 2 company, so enterprise value cannot be formed: it is market capitalization plus debt less cash, and market capitalization is the missing term. Cash $3.2M, debt $39.5M, and 18M shares are on file.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

3 of 18 miners carry all-in cost per bitcoin, sorted largest first

USD per BTC · latest figure on file per company · as of 2026-09-06 · data/analysis/cross_section.json

Sample statistics of All-in cost per bitcoin
n	mean	sd	variance	median	q1	q3	min	max
3 of 18	94.2K	3.09K	9.52M	95.6K	93.1K	95.9K	90.6K	96.3K

Each input with period, as-of and source; 15 not on file

Company	All-in cost per bitcoin (USD per BTC)	Status	Period	As of	Source
CLSK	$96,277	reported	Q3 FY2026	2026-06-30	source
WULF	$95,611	reported	FY2025	2025-12-31	source
RIOT	$90,631	reported	Q2 2026	2026-06-30	source

Not on file: MARA (not disclosed as a per-BTC all-in figure. The company reports cost per petahash per day ($27.7 in Q2 2026, down 4% from $28.7) instead. Derivable inputs: purchased energy $48.8 million, O&M $26.9 million, hosting and other energy $69.2 million, D&A $174.7 million against 2,422 BTC.); CORZ (Not disclosed. Derived here for reference only, not a company figure: 80.9M USD / about 695 BTC = about 116,400 USD per BTC (segment cost incl. depreciation, excl. SG&A).); IREN (Not disclosed. Derived FY26 cost of revenue per BTC is about $33,400 (see direct cost note); no depreciation-inclusive figure is published.); HUT (Not disclosed by Hut 8 or ABTC (checked Q2 2026 releases and 10-Q).); CIFR (Not disclosed; Company reports no all-in cost metric.); BTDR (Not disclosed. Derived all-in cost of revenue = ($171.0M + $28.8M) / 2,694 BTC = ~$74,200 per BTC including depreciation and SBC in cost of revenue (derived here, not a company figure).); BTBT (Not disclosed by the company in the documents read on 2026-09-06.); HIVE (Not disclosed by the company in the documents read on 2026-09-06.); KEEL (Not disclosed by the company in the documents read on 2026-09-06.); DMGGF (Not disclosed by the company in the documents read on 2026-09-06.); ARBK (Not disclosed by the company in the documents read on 2026-09-06.); VIP (Not disclosed by the company in the documents read on 2026-09-06.); DGXX (no research pack carries this company); ANY (no research pack carries this company); BGDE (no research pack carries this company).

03 TIME SERIES, 2019Q1 TO 2026Q3

FORMULAS

Every miner's quarterly XBRL series for 8 filed figures on one chart: as filed, rebased so each line starts at 100, or as the log change from the quarter before; switch companies on and off, or overlay all of them as panels of six.

Figure

Scale

Companies

Quarterly revenue for MARA, RIOT, WULF, VIP, ANY and BGDE, where each line starts at 100 in 2020Q2

index, 2020Q2 = 100 · calendar quarters 2019Q1 to 2026Q3 · as of 2026-09-06 · data/analysis/time_series.json

Quarterly revenue for MARA, RIOT, WULF, VIP, ANY and BGDE, where each line starts at 100 in 2020Q2
Period	MARA (index, 2020Q2 = 100)	RIOT (index, 2020Q2 = 100)	WULF (index, 2020Q2 = 100)	VIP (index, 2020Q2 = 100)	ANY (index, 2020Q2 = 100)	BGDE (index, 2020Q2 = 100)
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2	100	100	100	100	100
2020Q3	291.86	126.78	121.87	131.06	99.89
2020Q4	923.66 (derived)	272.45 (derived)	164.34 (derived)		230.86 (derived)
2021Q1	3,198	1,194	119.47	236.79	105.5	100
2021Q2	10,247	1,769	165.27	346.23	100.34	84.95
2021Q3	18,069	3,337	184.4	765.28	116.84	156.45
2021Q4	24,106 (derived)	4,680 (derived)		734.85 (derived)	94.84 (derived)	285.42 (derived)
2022Q1	18,075	4,108	8.44	624.04	153.98	277.58
2022Q2	8,709	3,756	53.84	490.71	215.6	282.67
2022Q3	4,435	2,384	150.21	468.43	152.19	404.83
2022Q4	9,930	3,097 (derived)	371.9 (derived)	342.74 (derived)	160.27 (derived)	240.83 (derived)
2023Q1	17,868	3,771	448.33	324.42	339.62	109.62
2023Q2	28,571	3,952	600.83	314.85	613.47	150.79
2023Q3	34,194	2,672	736.85	446.9	642.42	161.95
2023Q4	54,783 (derived)	4,058 (derived)	905.17 (derived)	420.42 (derived)	863.08 (derived)	200.31 (derived)
2024Q1	57,729	4,083	1,650	413.81	779.57	268.25
2024Q2	50,719	3,605	1,383	279.47	523.68	187.38
2024Q3	46,005	4,366	1,052	264.36	264.31	176
2024Q4	74,921 (derived)	7,341 (derived)	1,360 (derived)	316.61 (derived)	296.41 (derived)	215.3 (derived)
2025Q1	74,743	8,310	1,337	411.86	316.16	197.42
2025Q2	83,339	7,878	1,852	275.28	338.72	136.23
2025Q3	88,206	9,281	1,966	325.77	294.39	188.27
2025Q4	70,699 (derived)	7,870 (derived)	1,393 (derived)	245.16 (derived)	305.61 (derived)	46.18 (derived)
2026Q1	61,019	8,611	1,322	445.93	215.04	68.88
2026Q2	61,113	8,972	1,740	72.45	275.2	87.93
2026Q3

The quarters each selected company carries, and the latest filing behind them

Company	Quarters	First	Last	Derived Q4	Latest filing
MARA	30	2019Q1	2026Q2	6	10-Q filed 2026-08-06
RIOT	30	2019Q1	2026Q2	7	10-Q filed 2026-08-10
WULF	29	2019Q1	2026Q2	6	10-Q filed 2026-08-05
VIP	24	2020Q2	2026Q2	5	10-Q filed 2026-08-14
ANY	30	2019Q1	2026Q2	7	10-Q filed 2026-08-14
BGDE	23	2019Q3	2026Q2	5	10-Q filed 2026-08-14

A derived fourth quarter is the fiscal year less the three reported quarters and is marked derived in each chart's table; a quarter held by the scale check is a gap.

04 QUARTER TO QUARTER: 4 POOLED TESTS ON LOG CHANGES

The time-series statistics: consecutive quarters of every company stacked into one sample, so a relation is read across quarters rather than across companies. The points are not independent draws, and each panel says so.

01 REVENUE ON SHARES

FORMULAS

Whether quarters in which the share count grew were quarters in which revenue grew: dilution against growth, before any price is on file.

229 quarter-pairs from 14 companies: x is the quarter-to-quarter log change in revenue, y the quarter-to-quarter log change in shares outstanding.

MARA 29, RIOT 29, ANY 27, WULF 27, CLSK 22, BGDE 21, VIP 20, CORZ 18, CIFR 13, HUT 12, BTBT 6, IREN 2, KEEL 2, DGXX 1

Pooled across companies and quarters: the points are not independent draws, so the p-value overstates the evidence.

The statistics of quarter-to-quarter log change in shares outstanding on quarter-to-quarter log change in revenue
n	229
degrees of freedom	227
slope	0.13	95% interval -0.023 to 0.283
intercept	0.028
SST	63.2	total sum of squares
SSR	0.771	explained by the fit
SSE	62.4	left over
R squared	0.01	SSR over SST
t, slope	1.67	standard error 0.0777
p, slope	0.096	two-sided
Pearson r	0.11	p 0.096
Spearman rho	0.06	p 0.386
x mean	0.0957	sd 0.447, variance 0.2, median 0.0537
y mean	0.0405	sd 0.526, variance 0.277, median 0.0423

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/time_series.json; formulas

02 REVENUE ON COST OF REVENUE

FORMULAS

Whether cost of revenue moves one for one with revenue quarter to quarter.

176 quarter-pairs from 12 companies: x is the quarter-to-quarter log change in revenue, y the quarter-to-quarter log change in cost of revenue.

WULF 27, MARA 23, CLSK 22, BGDE 21, CORZ 21, ANY 17, CIFR 13, HUT 13, RIOT 8, IREN 7, HIVE 2, KEEL 2

Pooled across companies and quarters: the points are not independent draws, so the p-value overstates the evidence.

The statistics of quarter-to-quarter log change in cost of revenue on quarter-to-quarter log change in revenue
n	176
degrees of freedom	174
slope	0.681	95% interval 0.541 to 0.822
intercept	0.0366
SST	51.7	total sum of squares
SSR	17.8	explained by the fit
SSE	33.9	left over
R squared	0.34	SSR over SST
t, slope	9.55	standard error 0.0714
p, slope	under 0.0001	two-sided
Pearson r	0.59	p under 0.0001
Spearman rho	0.60	p under 0.0001
x mean	0.133	sd 0.468, variance 0.219, median 0.0972
y mean	0.127	sd 0.544, variance 0.296, median 0.0772

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/time_series.json; formulas

03 ASSETS ON SHARES

FORMULAS

Whether balance sheets grew in the quarters the share count grew.

254 quarter-pairs from 14 companies: x is the quarter-to-quarter log change in total assets, y the quarter-to-quarter log change in shares outstanding.

BGDE 29, CLSK 29, MARA 29, RIOT 29, WULF 29, ANY 27, CIFR 20, VIP 20, CORZ 18, HUT 12, BTBT 6, DGXX 2, IREN 2, KEEL 2

Pooled across companies and quarters: the points are not independent draws, so the p-value overstates the evidence.

The statistics of quarter-to-quarter log change in shares outstanding on quarter-to-quarter log change in total assets
n	254
degrees of freedom	252
slope	0.191	95% interval 0.0398 to 0.342
intercept	0.0392
SST	84.5	total sum of squares
SSR	2.03	explained by the fit
SSE	82.5	left over
R squared	0.02	SSR over SST
t, slope	2.49	standard error 0.0768
p, slope	0.014	two-sided
Pearson r	0.15	p 0.014
Spearman rho	0.21	p 0.0008
x mean	0.143	sd 0.469, variance 0.22, median 0.0278
y mean	0.0665	sd 0.578, variance 0.334, median 0.0349

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/time_series.json; formulas

04 BITCOIN VALUE ON REVENUE

FORMULAS

Whether the marked value of the bitcoin held moved with revenue in the same quarter.

81 quarter-pairs from 14 companies: x is the quarter-to-quarter log change in digital assets at fair value, y the quarter-to-quarter log change in revenue.

RIOT 10, VIP 10, HUT 9, CORZ 8, MARA 8, BTBT 7, CIFR 7, ANY 6, WULF 6, HIVE 5, KEEL 2, BGDE 1, CLSK 1, DGXX 1

Pooled across companies and quarters: the points are not independent draws, so the p-value overstates the evidence.

The statistics of quarter-to-quarter log change in revenue on quarter-to-quarter log change in digital assets at fair value
n	81
degrees of freedom	79
slope	0.024	95% interval -0.0397 to 0.0878
intercept	-0.00408
SST	11.1	total sum of squares
SSR	0.0786	explained by the fit
SSE	11	left over
R squared	0.01	SSR over SST
t, slope	0.75	standard error 0.032
p, slope	0.455	two-sided
Pearson r	0.08	p 0.455
Spearman rho	0.21	p 0.059
x mean	0.0627	sd 1.3, variance 1.7, median 0.0218
y mean	-0.00257	sd 0.373, variance 0.139, median 0.0218

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/time_series.json; formulas

05 PRICES, 27 SERIES

SOURCES

Daily closes from 2021-01-01 to 2026-09-12 for the 18 miners, bitcoin, the S&P 500, the Dow, the Nasdaq and the bitcoin and miner ETFs on one chart: rebased to 100 at one shared session, as the cumulative log return, or as the daily log return; switch series on and off, or overlay all of them as panels of six.

ScaleRange

Miners

Bitcoin

Indices

ETFs

Closes for CLSK, MARA, RIOT, BTC_4PM, SPX and WGMI over the last 252 sessions, where each line starts at 100 on 2025-09-11

index, 2025-09-11 = 100 · sessions 2025-09-11 to 2026-09-11 · as of 2026-09-12 · data/prices_history.json

Closes for CLSK, MARA, RIOT, BTC_4PM, SPX and WGMI over the last 252 sessions, where each line starts at 100 on 2025-09-11
Period	CLSK (index, 2025-09-11 = 100)	MARA (index, 2025-09-11 = 100)	RIOT (index, 2025-09-11 = 100)	BTC_4PM (index, 2025-09-11 = 100)	SPX (index, 2025-09-11 = 100)	WGMI (index, 2025-09-11 = 100)
2025-09-11	100	100	100	100	100	100
2025-09-12	101.47	103.82	101.53	101.98	99.95	104.63
2025-09-15	100.88	103.37	106.58	100.74	100.42	108.58
2025-09-16	109.8	111.58	111.95	102.03	100.29	111.75
2025-09-17	112.16	110.38	112.59	101.1	100.2	115.36
2025-09-18	131.96	117.76	111.88	102.63	100.68	115.22
2025-09-19	133.53	116.42	111.57	100.61	101.17	116.51
2025-09-22	134.71	116.8	111.82	98	101.61	123.27
2025-09-23	136.37	112.73	109.07	97.56	101.05	120.27
2025-09-24	141.67	112.29	114.95	99.14	100.77	126.16
2025-09-25	134.12	102.29	106.96	95.52	100.26	118.19
2025-09-26	127.06	102.67	113.04	95.43	100.85	113.85
2025-09-29	145.78	118.78	126.39	99.85	101.12	123.94
2025-09-30	142.16	116.23	121.6	99.93	101.53	124.03
2025-10-01	143.04	118.46	120.96	102.63	101.88	126.35
2025-10-02	148.43	119.61	123	105.61	101.94	130.33
2025-10-03	156.27	119.8	124.22	107.22	101.95	135.1
2025-10-06	170.88	130.94	137.76	109.56	102.32	146.59
2025-10-07	176.08	128.9	137.19	106.35	101.93	149.65
2025-10-08	186.08	128.58	140.51	107.88	102.52	155.26
2025-10-09	196.96	128.58	142.36	105.7	102.24	161.4
2025-10-10	189.02	118.71	134.25	101.92	99.47	155.14
2025-10-13	196.47	128.84	138.66	101.27	101.02	170.62
2025-10-14	215.49	141.57	141.79	98.48	100.86	178.83
2025-10-15	227.45	145.39	141.41	97.33	101.27	184.75
2025-10-16	195.98	129.03	124.92	94.54	100.63	166.33
2025-10-17	191.42	124.57	127.99	93.02	101.16	163.25
2025-10-20	200	131.95	140.64	96.84	102.24	167.56
2025-10-21	184.02	127.75	132.08	97.69	102.24	157.02
2025-10-22	165.29	121.9	121.34	94.2	101.7	143.87
2025-10-23	173.24	122.34	130.93	96.33	102.29	151.44
2025-10-24	189.85	124.38	136.87	96.66	103.1	167.17
2025-10-27	198.04	124.51	146.96	100.37	104.37	170.56
2025-10-28	187.75	120.18	137.73	99.29	104.61	166.75
2025-10-29	185.2	120.18	141.66	96.72	104.6	164.42
2025-10-30	173.43	113.05	134.76	93.04	103.57	158.99
2025-10-31	174.51	116.3	126.39	95.92	103.84	160.89
2025-11-03	170.78	113.37	132.4	93.13	104.02	172.3
2025-11-04	159.02	105.79	123.16	87.97	102.79	163.84
2025-11-05	162.55	109.04	121.21	90.73	103.17	174.32
2025-11-06	150.98	101.59	110.8	88.11	102.02	158.54
2025-11-07	152.65	101.02	108.69	90.65	102.15	154.44
2025-11-10	147.35	99.17	110.67	92.59	103.72	150.21
2025-11-11	137.7	93.13	103.13	89.74	103.93	140.31
2025-11-12	130.69	91.73	98.79	88.69	104	133.81
2025-11-13	117.45	81.35	88.69	85.65	102.28	117.66
2025-11-14	107.45	76.32	89.14	82.35	102.23	113.65
2025-11-17	104.02	73.27	88.69	80.26	101.29	114.72
2025-11-18	105.98	75.62	89.07	81.05	100.45	117.27
2025-11-19	100.2	70.66	85.3	78.14	100.83	113.26
2025-11-20	95.88	65.18	81.66	75.41	99.26	108.66
2025-11-21	95.39	64.1	81.21	73.75	100.24	106.64
2025-11-24	112.55	71.36	88.69	77.85	101.79	120.89
2025-11-25	115.88	71.1	91.95	76.34	102.71	122.37
2025-11-26	131.86	70.72	95.59	78.53	103.42	129.3
2025-11-28	148.04	75.18	103.07	79.67	103.97	135.77
2025-12-01	138.04	73.33	98.91	74.65	103.42	132.49
2025-12-02	134.41	75.81	97.25	79.6	103.67	122.46
2025-12-03	142.06	79.38	99.94	81.22	103.98	127.47
2025-12-04	147.35	79.19	99.62	80.82	104.09	132.58
2025-12-05	134.46	74.73	95.46	78.03	104.29	127.64
2025-12-08	136.18	76.7	95.59	79.33	103.93	130.17
2025-12-09	145.59	77.98	99.11	81.32	103.84	132.97
2025-12-10	142.45	75.88	99.49	80.8	104.54	128.71
2025-12-11	145.29	75.37	100.64	80.19	104.76	129.91
2025-12-12	137.55	73.33	97.76	78.82	103.64	119.82
2025-12-15	116.81	68.11	87.6	74.97	103.48	106.34
2025-12-16	116.27	68.05	86.07	76.54	103.23	107.54
2025-12-17	112.55	63.21	82.81	74.98	102.03	102.35
2025-12-18	109.8	61.68	85.5	74.37	102.84	105.1
2025-12-19	117.94	64.8	92.65	76.82	103.75	115.22
2025-12-22	118.63	64.48	92.01	77.15	104.42	118.25
2025-12-23	112.84	62.76	87.35	76.57	104.89	116.37
2025-12-24	111.76	63.27	88.95	76.46	105.23	117.21
2025-12-26	106.96	61.04	85.88	76.46	105.2	111.44
2025-12-29	105.1	60.41	84.41	76.14	104.83	110.37
2025-12-30	102.16	59.39	81.15	76.72	104.69	107.29
2025-12-31	99.22	57.16	80.96	76.46	103.92	107.29
2026-01-02	113.24	63.08	90.48	78.38	104.11	117.89
2026-01-05	120.59	67.41	94.5	82.24	104.78	128.85
2026-01-06	117.55	65.63	95.72	80.75	105.42	126.13
2026-01-07	116.96	64.16	97.57	79.54	105.06	121.43
2026-01-08	117.55	66.45	96.68	79.35	105.07	124.75
2026-01-09	113.82	65.05	97.89	78.76	105.75	126.21
2026-01-12	117.25	67.79	105.11	79.85	105.92	133.25
2026-01-13	123.04	69.7	107.03	82.46	105.71	137.01
2026-01-14	130.78	70.72	110.61	85.3	105.15	137.2
2026-01-15	124.8	67.85	105.88	83.14	105.42	134.51
2026-01-16	131.08	72.31	122.94	83.4	105.35	143.15
2026-01-20	125.1	66.01	115.65	78.26	103.18	135.16
2026-01-21	125.59	67.22	110.22	78.7	104.37	134.31
2026-01-22	129.31	65.5	109.14	78.17	104.95	131.57
2026-01-23	134.41	66.84	110.42	78.07	104.98	137.76
2026-01-26	121.96	63.53	103.71	76.45	105.51	130.59
2026-01-27	130.1	66.96	112.14	78	105.94	142.7
2026-01-28	131.86	66.01	112.14	77.76	105.93	144.01
2026-01-29	123.43	62.76	108.43	73.44	105.79	136.64
2026-01-30	116.08	60.47	98.85	73.22	105.34	126.32
2026-02-02	108.24	58.05	97.89	68.07	105.9	124.59
2026-02-03	111.37	57.61	98.02	66.74	105.01	127
2026-02-04	100.2	52.71	90.35	64.08	104.48	112.95
2026-02-05	81.03	42.84	77.06	55.58	103.2	98.77
2026-02-06	98.82	52.45	92.33	61.15	105.23	113.34
2026-02-09	99.9	51.3	95.65	61.81	105.73	122.88
2026-02-10	98.33	48.76	94.76	60.03	105.38	119.48
2026-02-11	94.31	48.12	94.57	58.99	105.37	116.74
2026-02-12	91.27	46.15	90.73	57.08	103.72	112.42
2026-02-13	96.57	50.41	97.25	60.05	103.78	115.9
2026-02-17	90.98	47.8	93.61	59.2	103.88	112.14
2026-02-18	90.88	47.74	98.98	57.85	104.46	112.25
2026-02-19	96.27	50.67	103.64	58.61	104.17	114.07
2026-02-20	94.61	50.73	100.19	59.16	104.89	108.9
2026-02-23	96.27	50.16	100	56.29	103.8	111.47
2026-02-24	101.47	51.24	105.43	56.32	104.59	119.74
2026-02-25	102.45	54.55	109.14	60.45	105.44	118.7
2026-02-26	102.35	53.79	109.2	58.85	104.88	118.22
2026-02-27	97.55	56.91	104.09	57.3	104.42	111.8
2026-03-02	103.43	60.15	104.98	60.43	104.47	113.34
2026-03-03	96.96	55.12	97.7	59.6	103.48	106.2
2026-03-04	104.51	59.13	105.62	63.87	104.28	115.5
2026-03-05	97.55	55.82	99.68	62.24	103.69	110.04
2026-03-06	90.29	50.99	90.51	59.51	102.32	101.12
2026-03-09	94.22	55.12	93.93	60.28	103.17	104.65
2026-03-10	94.41	54.55	93.55	61.19	102.95	104.74
2026-03-11	96.18	54.42	94.63	61.73	102.86	109.11
2026-03-12	93.63	55.76	92.65	61.57	101.29	106.42
2026-03-13	95.69	59.33	89.71	62.18	100.68	107.3
2026-03-16	98.24	58.75	92.01	64.6	101.7	113.4
2026-03-17	99.12	58.82	93.8	65.07	101.95	112.5
2026-03-18	96.86	56.78	90.1	62.07	100.57	109.62
2026-03-19	96.37	58.69	90.35	61.39	100.29	109.62
2026-03-20	92.16	53.85	85.5	61.29	98.77	105.63
2026-03-23	97.84	56.72	91.82	61.74	99.9	110.46
2026-03-24	93.92	52.51	91.57	60.55	99.53	108.97
2026-03-25	97.65	52.71	96.87	61.89	100.07	112.98
2026-03-26	91.18	54.61	89.49	59.85	98.33	103.95
2026-03-27	84.9	51.05	81.79	57.67	96.68	98.65
2026-03-30	80.2	49.65	75.59	58.07	96.3	90.64
2026-03-31	83.43	51.94	78.98	59.24	99.11	97.62
2026-04-01	84.51	51.18	80.19	59.52	99.82	97.73
2026-04-02	86.18	55.44	82.17	58.5	99.93	100.25
2026-04-06	89.22	56.33	86.39	60.92	100.37	102.89
2026-04-07	88.82	57.03	90.67	60.28	100.45	105.33
2026-04-08	96.86	60.47	102.94	62.3	102.97	113.57
2026-04-09	100	61.55	106.65	62.99	103.6	115.95
2026-04-10	98.24	60.73	106.07	63.96	103.48	118.28
2026-04-13	105.49	65.95	110.99	64.1	104.54	125.2
2026-04-14	110.49	66.77	115.78	64.93	105.77	133.25
2026-04-15	110.39	66.65	111.31	65.56	106.61	132.6
2026-04-16	111.96	73.52	108.12	65.85	106.89	130.59
2026-04-17	117.35	73.84	115.72	67.68	108.18	137.57
2026-04-20	118.14	74.03	115.72	66.66	107.92	138.58
2026-04-21	112.84	71.48	111.25	65.52	107.23	133.11
2026-04-22	119.71	75.37	118.08	68.94	108.36	140.4
2026-04-23	119.9	75.11	116.36	67.91	107.91	140.68
2026-04-24	125.1	74.09	118.91	67.83	108.77	139.11
2026-04-27	120.1	71.16	116.81	67.15	108.9	137.54
2026-04-28	115.59	70.15	105.88	66.69	108.37	130.59
2026-04-29	111.47	68.24	102.11	65.97	108.33	127.22
2026-04-30	122.84	76.32	110.16	66.73	109.44	135.04
2026-05-01	119.31	72.95	118.21	68.49	109.76	135.1
2026-05-04	125.69	75.3	119.36	69.91	109.31	141.58
2026-05-05	131.47	77.4	130.03	71.29	110.2	154.58
2026-05-06	142.16	82.94	151.44	71.16	111.8	170.34
2026-05-07	137.06	80.84	154.06	70.03	111.38	161.4
2026-05-08	139.22	82.37	153.87	69.99	112.32	162.66
2026-05-11	140.2	85.23	161.92	71.6	112.53	163.92
2026-05-12	132.06	80.97	156.61	70.6	112.35	161.84
2026-05-13	130.39	81.16	159.23	69.55	113.01	165.07
2026-05-14	137.06	84.6	157.32	71.17	113.87	172.55
2026-05-15	128.53	79.19	150.1	69.09	112.46	160.39
2026-05-18	131.76	77.53	148.12	67.16	112.38	155.73
2026-05-19	144.02	79.19	144.7	67.05	111.63	153.77
2026-05-20	150.98	83.7	151.25	67.79	112.83	160.7
2026-05-21	154.51	86.25	156.36	67.8	113.03	172.67
2026-05-22	156.57	87.91	156.49	66.21	113.45	173.62
2026-05-26	167.94	90.9	166.65	66.33	114.14	181.75
2026-05-27	176.86	91.22	172.14	65.44	114.16	192.88
2026-05-28	177.84	89.56	177.25	64.04	114.82	194.17
2026-05-29	179.31	91.53	173.23	64.14	115.07	190.89
2026-06-01	184.41	94.53	180.51	62.45	115.37	198.37
2026-06-02	172.35	90.9	174.57	58.68	115.52	200.48
2026-06-03	172.65	88.86	176.68	57.09	114.67	198.25
2026-06-04	164.51	88.35	175.53	55.51	115.13	194.45
2026-06-05	152.84	78.42	157.57	52.65	112.09	172.67
2026-06-08	161.96	87.71	164.15	55.34	112.42	184.33
2026-06-09	156.57	84.72	161.63	54.21	112.13	176.98
2026-06-10	146.08	80.33	153.87	54.06	110.32	166.47
2026-06-11	158.53	86.63	167.03	55.54	112.25	179.2
2026-06-12	161.57	89.62	170.03	55.54	112.81	184.95
2026-06-15	168.04	93.19	174.95	58.15	114.68	193.47
2026-06-16	169.22	91.79	175.21	57.28	114.02	194.17
2026-06-17	164.51	88.61	175.27	56.11	112.64	192.71
2026-06-18	169.02	90.52	179.55	54.94	113.86	202.13
2026-06-22	171.08	94.53	182.94	56.27	113.44	201.79
2026-06-23	168.53	93.57	183.32	54.44	111.81	198.99
2026-06-24	159.12	89.12	175.21	52.28	111.7	187.16
2026-06-25	155.59	88.35	177.38	51.74	111.69	182.03
2026-06-26	160.1	92.55	182.56	52.15	111.64	184.27
2026-06-29	150.69	89.31	177.32	52.72	112.95	178.58
2026-06-30	142.65	88.42	174.95	51.27	113.84	176.82
2026-07-01	133.53	85.11	153.1	52.4	113.6	164.76
2026-07-02	123.73	78.93	141.28	53.68	113.6	149.12
2026-07-06	132.45	82.43	146.13	55.66	114.42	158.34
2026-07-07	122.35	76.7	135.27	55.73	113.91	147.55
2026-07-08	121.57	76.51	134.76	54.32	113.59	154.56
2026-07-09	126.37	84.15	137.44	55.22	114.51	160.32
2026-07-10	125.98	80.2	133.96	55.81	115	155.59
2026-07-13	121.18	77.59	129.01	54.33	114.09	146.54
2026-07-14	131.86	77.4	129.01	56.38	114.51	146.43
2026-07-15	138.53	78.23	128.43	56.74	114.95	148.58
2026-07-16	126.47	72.69	120.26	56.09	114.37	134.85
2026-07-17	127.75	68.05	116.68	55.99	113.21	133.36
2026-07-20	141.37	74.28	127.16	56.89	112.99	147.74
2026-07-21	150.78	77.98	137.32	58.06	113.99	157.3
2026-07-22	150.25	78.99	149.39	57.53	113.84	160.25
2026-07-23	153.04	81.29	152.46	56.59	112.46	163.36
2026-07-24	142.35	77.15	143.96	56.05	112.52	150.24
2026-07-27	137.5	74.92	140.38	56.73	112.53	144.44
2026-07-28	132.16	72.44	135.72	55.76	112.77	137.93
2026-07-29	117.75	63.97	116.55	55.49	111.06	121.39
2026-07-30	142.55	75.24	141.34	56.54	112.91	148.22
2026-07-31	134.9	72.06	128.88	54.94	113.7	144.27
2026-08-03	143.63	74.79	136.87	55.74	115.38	153.49
2026-08-04	138.92	74.79	137.76	56.09	117.44	147.88
2026-08-05	132.35	71.55	137.38	56.6	117.25	140.82
2026-08-06	125	67.79	135.53	56.25	117.04	135.86
2026-08-07	120.59	64.23	131.12	56.71	117.76	135.69
2026-08-10	113.63	60.85	123.96	55.89	117.69	127.61
2026-08-11	112.94	61.62	129.33	55.47	117.32	130.73
2026-08-12	119.41	61.36	129.84	55.34	117.62	138.16
2026-08-13	112.94	58.63	122.75	55.33	118.39	132.63
2026-08-14	118.53	58.56	121.5	54.95	118.19	136.36
2026-08-17	121.57	61.87	128.05	56.14	117.57	140.54
2026-08-18	115	57.03	120.83	56.44	116.76	128.43
2026-08-19	114.41	61.43	123.83	59.77	117.01	126.6
2026-08-20	123.53	70.97	134.06	63.48	116	131.54
2026-08-21	117.45	71.67	126.71	67.28	116.5	128.2
2026-08-24	116.96	71.16	127.8	68.81	116.17	125.11
2026-08-25	125	75.3	136.1	68.98	116.54	131.06
2026-08-26	119.41	71.42	131.69	68.56	116.52	126.6
2026-08-27	126.96	75.56	133.42	69.83	117.36	130.25
2026-08-28	114.31	67.92	121.34	67.74	117.07	119.71
2026-08-31	113.92	68.56	121.37	68.92	116.68	120.55
2026-09-01	108.43	65.12	113.67	67.51	115.85	115.73
2026-09-02	111.08	66.65	119.07	67.55	116.38	119.26
2026-09-03	123.33	73.84	135.08	71.44	117.61	129.04
2026-09-04	124.41	71.99	139.3	69.72	117.17	133.11
2026-09-08	132.16	75.3	142.24	68.51	116.49	139.51
2026-09-09	130.2	75.88	141.02	68.33	115.92	134.09
2026-09-10	125.49	72.76	133.87	67.38	115.24	127.78
2026-09-11	134.02	76.26	137.19	67.49	116.24	131.93

p: Polygon.io aggregates (daily market summary for stocks and ETFs; per-ticker aggregates for crypto and indices); y: yfinance daily bars cached by the pipeline's market stage (prototype and backfill only, spec 5.2); 35189 closes in all. A close from the cache cannot be checked by a reader against a documented endpoint; the feed replaces it session by session once the key exists.

06 AGAINST BITCOIN, 18 MINERS

FORMULAS

Each miner's daily log return against bitcoin's, read at 16:00 ET on the same session (spec 5.5): the leverage factor with its interval, the share of bitcoin's up days the miner was up on with the chi-square test, annualized volatility, and beta against bitcoin and the S&P 500 separately and jointly, over 30, 90 and 365 sessions and all in common.

Each miner against Bitcoin at 16:00 ET on each NYSE session date (spec 5.5) over the last 365 sessions
Miner	n	r	Leverage	95% interval	Up on BTC up days	Chi-square p	Vol	Beta S&P	Joint BTC	Joint S&P
CLSK	365	0.64	1.33	1.16 to 1.49	0.76	under 0.0001	0.89	2.42	1.13	1.17
MARA	365	0.67	1.28	1.13 to 1.43	0.76	under 0.0001	0.82	2.4	1.08	1.21
BTBT	365	0.58	1.23	1.05 to 1.41	0.71	under 0.0001	0.91	2.23	1.05	1.07
KEEL	365	0.49	1.22	0.994 to 1.44	0.72	under 0.0001	1.06	2.9	0.899	1.91
BGDE	365	0.31	1.18	0.809 to 1.56	0.52	under 0.0001	1.64	2.81	0.876	1.85
BTDR	365	0.48	1.18	0.962 to 1.4	0.77	under 0.0001	1.04	3.11	0.812	2.21
HIVE	365	0.53	1.15	0.964 to 1.34	0.70	under 0.0001	0.93	2.48	0.905	1.48
VIP	365	0.43	1.15	0.9 to 1.4	0.67	under 0.0001	1.16	2.23	0.955	1.17
DMGGF	365	0.50	1.13	0.933 to 1.34	0.69	under 0.0001	0.97	2.37	0.905	1.37
RIOT	365	0.55	1.09	0.92 to 1.26	0.70	under 0.0001	0.85	2.71	0.784	1.85
HUT	365	0.45	1.06	0.848 to 1.28	0.73	under 0.0001	1.00	3.05	0.68	2.3
CIFR	365	0.40	1.04	0.794 to 1.28	0.68	under 0.0001	1.11	3.06	0.646	2.35
ARBK	365	0.23	1.01	0.559 to 1.46	0.51	0.0001	1.91	1.79	0.869	0.829
DGXX	365	0.36	1	0.735 to 1.28	0.61	under 0.0001	1.20	2.06	0.81	1.17
IREN	365	0.40	0.937	0.713 to 1.16	0.70	under 0.0001	1.01	2.5	0.637	1.8
WULF	365	0.38	0.893	0.668 to 1.12	0.68	under 0.0001	1.01	2.66	0.549	2.06
ANY	365	0.29	0.887	0.588 to 1.19	0.60	under 0.0001	1.30	1.87	0.704	1.09
CORZ	365	0.36	0.639	0.47 to 0.807	0.69	under 0.0001	0.75	2.25	0.321	1.9

Leverage is the OLS slope of the miner's daily log return on bitcoin's (bitcoin at 16:00 et on each nyse session date (spec 5.5)), the same number as its beta against bitcoin; volatility is the standard deviation of daily log returns times the square root of 252; the joint betas come from one regression on bitcoin and S&P 500 together.

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/returns.json; formulas

Miners

ETFs

Indices

Window

Rolling correlation of CLSK's daily log return with bitcoin's, over 30, 90 and 365 sessions ending on each date

Pearson r · one value in five sessions, 2024-10-31 to 2026-09-11 · as of 2026-09-06 · data/analysis/returns.json

Rolling correlation of CLSK's daily log return with bitcoin's, over 30, 90 and 365 sessions ending on each date
Period	30 sessions (Pearson r)	90 sessions (Pearson r)	365 sessions (Pearson r)
2024-10-31	0.78
2024-11-07	0.85
2024-11-14	0.85
2024-11-21	0.81
2024-11-29	0.75
2024-12-06	0.74
2024-12-13	0.73
2024-12-20	0.68
2024-12-30	0.57
2025-01-07	0.67
2025-01-15	0.72
2025-01-23	0.68
2025-01-30	0.7	0.72
2025-02-06	0.64	0.72
2025-02-13	0.55	0.7
2025-02-21	0.54	0.71
2025-02-28	0.55	0.7
2025-03-07	0.56	0.68
2025-03-14	0.62	0.68
2025-03-21	0.66	0.65
2025-03-28	0.75	0.63
2025-04-04	0.76	0.68
2025-04-11	0.72	0.68
2025-04-21	0.76	0.68
2025-04-28	0.76	0.7
2025-05-05	0.76	0.69
2025-05-12	0.71	0.69
2025-05-19	0.69	0.69
2025-05-27	0.75	0.68
2025-06-03	0.8	0.71
2025-06-10	0.75	0.7
2025-06-17	0.76	0.72
2025-06-25	0.75	0.73
2025-07-02	0.77	0.74
2025-07-10	0.83	0.73
2025-07-17	0.7	0.74
2025-07-24	0.72	0.74
2025-07-31	0.68	0.74
2025-08-07	0.68	0.71
2025-08-14	0.55	0.68
2025-08-21	0.5	0.71
2025-08-28	0.63	0.71
2025-09-05	0.6	0.69
2025-09-12	0.56	0.66
2025-09-19	0.46	0.62
2025-09-26	0.56	0.61
2025-10-03	0.58	0.65
2025-10-10	0.54	0.61
2025-10-17	0.51	0.55
2025-10-24	0.53	0.53
2025-10-31	0.53	0.53
2025-11-07	0.57	0.54
2025-11-14	0.54	0.55
2025-11-21	0.57	0.58
2025-12-01	0.74	0.62
2025-12-08	0.7	0.59
2025-12-15	0.73	0.62
2025-12-22	0.74	0.64
2025-12-30	0.71	0.63
2026-01-07	0.71	0.64
2026-01-14	0.71	0.65
2026-01-22	0.79	0.65
2026-01-29	0.74	0.67
2026-02-05	0.83	0.72
2026-02-12	0.89	0.74
2026-02-20	0.89	0.75
2026-02-27	0.81	0.75
2026-03-06	0.83	0.77	0.7
2026-03-13	0.83	0.77	0.7
2026-03-20	0.76	0.77	0.7
2026-03-27	0.69	0.77	0.71
2026-04-06	0.66	0.76	0.7
2026-04-13	0.76	0.76	0.7
2026-04-20	0.66	0.79	0.7
2026-04-27	0.68	0.78	0.69
2026-05-04	0.65	0.77	0.68
2026-05-11	0.48	0.77	0.69
2026-05-18	0.58	0.77	0.69
2026-05-26	0.51	0.74	0.68
2026-06-02	0.52	0.73	0.68
2026-06-09	0.59	0.74	0.68
2026-06-16	0.64	0.67	0.68
2026-06-24	0.66	0.61	0.68
2026-07-01	0.52	0.58	0.67
2026-07-09	0.46	0.58	0.67
2026-07-16	0.55	0.55	0.67
2026-07-23	0.47	0.55	0.67
2026-07-30	0.43	0.53	0.67
2026-08-06	0.48	0.5	0.67
2026-08-13	0.52	0.5	0.66
2026-08-20	0.5	0.47	0.66
2026-08-27	0.32	0.42	0.65
2026-09-03	0.47	0.45	0.65
2026-09-11	0.39	0.44	0.64

CleanSpark, Inc. against Bitcoin at 16:00 ET on each NYSE session date (spec 5.5), 365 sessions
sessions	365	2025-03-31 to 2026-09-11
Pearson r	0.64	p under 0.0001, R squared 0.41
Spearman rho	0.63	p under 0.0001
leverage factor	1.33	slope of CLSK's return on bitcoin's; 95% interval 1.16 to 1.49, p under 0.0001
up on bitcoin's up days	0.76	of 176 such days; 0.26 on the others
chi-square	87.93	p under 0.0001, one degree of freedom, 2 zero returns counted as down
volatility, annualized	0.89	bitcoin 0.43; sd of daily log returns times the square root of 252
beta, bitcoin	1.33	the leverage factor by another name
beta, S&P 500	2.42	p under 0.0001, alone
joint beta, bitcoin	1.13	with the S&P 500 in the same regression; p under 0.0001
joint beta, S&P 500	1.17	p under 0.0001; R squared 0.45

Bitcoin here is bitcoin at 16:00 et on each nyse session date (spec 5.5); the window is the last 365 sessions the two series share.

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/returns.json; formulas

07 CORRELATION MATRIX, 26 SERIES

FORMULAS

Every series against every other over the last 365 sessions the two share: Pearson and Spearman on daily log returns, and Pearson on price levels with the caveat that levels correlate through their trends.

Pearson, daily log returns over the last 365 common sessions
	CLSK	MARA	RIOT	CORZ	IREN	HUT	WULF	CIFR	BTDR	BTBT	HIVE	KEEL	DMGGF	ARBK	VIP	DGXX	ANY	BGDE	BTC	COMP	DJI	FBTC	GBTC	IBIT	SPX	WGMI
CLSK		0.84	0.81	0.63	0.68	0.75	0.66	0.74	0.66	0.69	0.73	0.78	0.58	0.24	0.47	0.45	0.35	0.41	0.64	0.49	0.37	0.64	0.64	0.64	0.45	0.86
MARA	0.84		0.76	0.58	0.60	0.67	0.58	0.66	0.65	0.67	0.67	0.73	0.58	0.22	0.46	0.40	0.32	0.36	0.67	0.52	0.41	0.67	0.67	0.67	0.49	0.78
RIOT	0.81	0.76		0.67	0.69	0.78	0.67	0.77	0.65	0.68	0.71	0.74	0.54	0.21	0.48	0.53	0.35	0.42	0.55	0.56	0.44	0.55	0.55	0.55	0.53	0.86
CORZ	0.63	0.58	0.67		0.66	0.69	0.66	0.68	0.58	0.44	0.54	0.61	0.44	0.15	0.36	0.44	0.31	0.34	0.36	0.55	0.39	0.36	0.36	0.36	0.50	0.80
IREN	0.68	0.60	0.69	0.66		0.71	0.65	0.77	0.60	0.59	0.65	0.67	0.43	0.23	0.38	0.48	0.25	0.33	0.40	0.47	0.29	0.40	0.40	0.40	0.41	0.88
HUT	0.75	0.67	0.78	0.69	0.71		0.71	0.78	0.66	0.64	0.66	0.74	0.48	0.21	0.47	0.49	0.36	0.41	0.45	0.54	0.41	0.45	0.46	0.45	0.51	0.87
WULF	0.66	0.58	0.67	0.66	0.65	0.71		0.74	0.57	0.55	0.56	0.62	0.38	0.18	0.35	0.46	0.26	0.32	0.38	0.47	0.36	0.38	0.38	0.38	0.44	0.80
CIFR	0.74	0.66	0.77	0.68	0.77	0.78	0.74		0.65	0.64	0.69	0.74	0.46	0.19	0.43	0.48	0.30	0.34	0.40	0.49	0.37	0.40	0.40	0.40	0.46	0.92
BTDR	0.66	0.65	0.65	0.58	0.60	0.66	0.57	0.65		0.56	0.60	0.70	0.45	0.20	0.40	0.43	0.38	0.42	0.48	0.53	0.42	0.48	0.49	0.49	0.50	0.75
BTBT	0.69	0.67	0.68	0.44	0.59	0.64	0.55	0.64	0.56		0.65	0.65	0.48	0.27	0.49	0.47	0.30	0.36	0.58	0.45	0.33	0.58	0.58	0.58	0.41	0.72
HIVE	0.73	0.67	0.71	0.54	0.65	0.66	0.56	0.69	0.60	0.65		0.74	0.54	0.27	0.45	0.40	0.26	0.39	0.53	0.47	0.39	0.53	0.53	0.53	0.45	0.78
KEEL	0.78	0.73	0.74	0.61	0.67	0.74	0.62	0.74	0.70	0.65	0.74		0.56	0.21	0.43	0.46	0.36	0.42	0.49	0.50	0.36	0.49	0.49	0.49	0.45	0.84
DMGGF	0.58	0.58	0.54	0.44	0.43	0.48	0.38	0.46	0.45	0.48	0.54	0.56		0.22	0.38	0.26	0.40	0.29	0.50	0.43	0.32	0.50	0.50	0.50	0.41	0.56
ARBK	0.24	0.22	0.21	0.15	0.23	0.21	0.18	0.19	0.20	0.27	0.27	0.21	0.22		0.17	0.18	0.14	0.18	0.23	0.17	0.13	0.23	0.23	0.23	0.16	0.26
VIP	0.47	0.46	0.48	0.36	0.38	0.47	0.35	0.43	0.40	0.49	0.45	0.43	0.38	0.17		0.29	0.26	0.31	0.43	0.35	0.27	0.43	0.43	0.43	0.32	0.49
DGXX	0.45	0.40	0.53	0.44	0.48	0.49	0.46	0.48	0.43	0.47	0.40	0.46	0.26	0.18	0.29		0.25	0.32	0.36	0.33	0.22	0.36	0.36	0.36	0.29	0.56
ANY	0.35	0.32	0.35	0.31	0.25	0.36	0.26	0.30	0.38	0.30	0.26	0.36	0.40	0.14	0.26	0.25		0.28	0.29	0.26	0.21	0.29	0.29	0.29	0.24	0.36
BGDE	0.41	0.36	0.42	0.34	0.33	0.41	0.32	0.34	0.42	0.36	0.39	0.42	0.29	0.18	0.31	0.32	0.28		0.31	0.31	0.25	0.31	0.31	0.31	0.29	0.43
BTC	0.64	0.67	0.55	0.36	0.40	0.45	0.38	0.40	0.48	0.58	0.53	0.49	0.50	0.23	0.43	0.36	0.29	0.31		0.46	0.36	1.00	1.00	1.00	0.43	0.53
COMP	0.49	0.52	0.56	0.55	0.47	0.54	0.47	0.49	0.53	0.45	0.47	0.50	0.43	0.17	0.35	0.33	0.26	0.31	0.46		0.81	0.46	0.47	0.47	0.97	0.59
DJI	0.37	0.41	0.44	0.39	0.29	0.41	0.36	0.37	0.42	0.33	0.39	0.36	0.32	0.13	0.27	0.22	0.21	0.25	0.36	0.81		0.35	0.36	0.36	0.90	0.43
FBTC	0.64	0.67	0.55	0.36	0.40	0.45	0.38	0.40	0.48	0.58	0.53	0.49	0.50	0.23	0.43	0.36	0.29	0.31	1.00	0.46	0.35		1.00	1.00	0.43	0.53
GBTC	0.64	0.67	0.55	0.36	0.40	0.46	0.38	0.40	0.49	0.58	0.53	0.49	0.50	0.23	0.43	0.36	0.29	0.31	1.00	0.47	0.36	1.00		1.00	0.43	0.53
IBIT	0.64	0.67	0.55	0.36	0.40	0.45	0.38	0.40	0.49	0.58	0.53	0.49	0.50	0.23	0.43	0.36	0.29	0.31	1.00	0.47	0.36	1.00	1.00		0.43	0.53
SPX	0.45	0.49	0.53	0.50	0.41	0.51	0.44	0.46	0.50	0.41	0.45	0.45	0.41	0.16	0.32	0.29	0.24	0.29	0.43	0.97	0.90	0.43	0.43	0.43		0.54
WGMI	0.86	0.78	0.86	0.80	0.88	0.87	0.80	0.92	0.75	0.72	0.78	0.84	0.56	0.26	0.49	0.56	0.36	0.43	0.53	0.59	0.43	0.53	0.53	0.53	0.54

Fill: darker is a larger absolute value, green positive, red negative; blank is fewer than 30 sessions in common. Hover a cell for n and p.

08 TECHNICAL OVERLAY

FORMULAS

The chart indicators of spec 7.1, drawn only after the study of what each went with: moving averages, Bollinger bands, the Ichimoku lines, RSI, MACD and the swing levels, computed on closes, each with its formula on the methodology page.

Pooled across 18 miners, 9 of 22 signal-and-horizon rows differ at p under 0.01: 50-session SMA above the 200-session SMA at 21 sessions (-0.0548); MACD histogram positive at 21 sessions (0.0438); MACD histogram negative at 21 sessions (-0.0438); close above the Ichimoku cloud at 21 sessions (-0.0284); 50-session SMA above the 200-session SMA at 5 sessions (-0.0134); close below the lower Bollinger band at 21 sessions (0.0523); RSI(14) under 30 at 5 sessions (0.0277); RSI(14) over 70 at 21 sessions (-0.041); RSI(14) under 30 at 21 sessions (0.0464). The windows overlap and the miners move together, so every p here overstates the evidence; the overlay below draws every indicator regardless and states nothing about the next session.

Signal at the close	Horizon	n on	n off	Mean on	Mean off	Difference	Welch t	p
RSI(14) under 30	5 sessions	1,058	23,005	0.023	-0.005	0.028	4.41	under 0.0001
RSI(14) under 30	21 sessions	1,058	22,717	0.024	-0.023	0.046	3.43	0.0006
RSI(14) over 70	5 sessions	1,449	22,614	-0.006	-0.003	-0.003	-0.55	0.585
RSI(14) over 70	21 sessions	1,449	22,326	-0.059	-0.018	-0.041	-4.40	under 0.0001
close above the 50-session SMA	5 sessions	10,043	13,390	-0.004	-0.006	0.002	1.03	0.301
close above the 50-session SMA	21 sessions	10,017	13,128	-0.028	-0.019	-0.009	-1.96	0.049
close below the 50-session SMA	5 sessions	13,390	10,043	-0.006	-0.004	-0.002	-1.03	0.301
close below the 50-session SMA	21 sessions	13,128	10,017	-0.019	-0.028	0.009	1.96	0.049
50-session SMA above the 200-session SMA	5 sessions	8,970	11,763	-0.014	-0.000	-0.013	-6.00	under 0.0001
50-session SMA above the 200-session SMA	21 sessions	8,750	11,695	-0.059	-0.004	-0.055	-11.63	under 0.0001
MACD histogram positive	5 sessions	12,729	10,992	-0.004	-0.007	0.003	1.42	0.156
MACD histogram positive	21 sessions	12,534	10,899	-0.003	-0.047	0.044	9.92	under 0.0001
MACD histogram negative	5 sessions	10,992	12,729	-0.007	-0.004	-0.003	-1.42	0.156
MACD histogram negative	21 sessions	10,899	12,534	-0.047	-0.003	-0.044	-9.92	under 0.0001
close above the upper Bollinger band	5 sessions	1,779	22,194	0.003	-0.005	0.008	1.63	0.104
close above the upper Bollinger band	21 sessions	1,774	21,911	-0.003	-0.024	0.021	2.34	0.019
close below the lower Bollinger band	5 sessions	1,063	22,910	0.008	-0.005	0.013	2.38	0.017
close below the lower Bollinger band	21 sessions	1,060	22,625	0.028	-0.025	0.052	4.71	under 0.0001
close above the Ichimoku cloud	5 sessions	7,682	15,247	-0.008	-0.003	-0.005	-2.04	0.041
close above the Ichimoku cloud	21 sessions	7,678	14,963	-0.039	-0.011	-0.028	-6.02	under 0.0001
close below the Ichimoku cloud	5 sessions	12,232	10,697	-0.006	-0.004	-0.002	-1.13	0.257
close below the Ichimoku cloud	21 sessions	11,973	10,668	-0.018	-0.023	0.005	1.08	0.281

RSI level against the forward return, Pearson r: 5 sessions 0.02 (n 24063, p 0.012)21 sessions -0.00 (n 23775, p 0.863)

computed 2026-09-12 from data as of 2026-09-06, written to data/analysis/returns.json; formulas

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CleanSpark, Inc.: closes from cache 2021-01-04 to 2026-09-11 (1429); 3 of 6 lines on the price chart.

CLSK's daily close over the last 252 sessions, with SMA 50, SMA 200

USD per share · sessions 2025-09-11 to 2026-09-11 · as of 2026-09-12 · data/prices_history.json

CLSK's daily close over the last 252 sessions, with SMA 50, SMA 200
Period	CLSK (USD per share)	SMA 50 (USD per share)	SMA 200 (USD per share)
2025-09-11	10.20	10.85	10.06
2025-09-12	10.35	10.80	10.04
2025-09-15	10.29	10.77	10.02
2025-09-16	11.20	10.76	10.00
2025-09-17	11.44	10.76	9.99
2025-09-18	13.46	10.78	9.99
2025-09-19	13.62	10.79	9.99
2025-09-22	13.74	10.82	9.98
2025-09-23	13.91	10.84	9.98
2025-09-24	14.45	10.89	9.98
2025-09-25	13.68	10.91	9.98
2025-09-26	12.96	10.91	9.97
2025-09-29	14.87	10.95	9.98
2025-09-30	14.50	10.99	9.99
2025-10-01	14.59	11.03	10.00
2025-10-02	15.14	11.08	10.01
2025-10-03	15.94	11.15	10.03
2025-10-06	17.43	11.27	10.05
2025-10-07	17.96	11.38	10.08
2025-10-08	18.98	11.53	10.12
2025-10-09	20.09	11.70	10.17
2025-10-10	19.28	11.86	10.21
2025-10-13	20.04	12.05	10.26
2025-10-14	21.98	12.28	10.31
2025-10-15	23.20	12.53	10.38
2025-10-16	19.99	12.71	10.43
2025-10-17	19.53	12.88	10.48
2025-10-20	20.40	13.09	10.53
2025-10-21	18.77	13.27	10.58
2025-10-22	16.86	13.41	10.61
2025-10-23	17.67	13.56	10.64
2025-10-24	19.37	13.75	10.68
2025-10-27	20.20	13.96	10.74
2025-10-28	19.15	14.14	10.78
2025-10-29	18.89	14.34	10.82
2025-10-30	17.69	14.50	10.86
2025-10-31	17.80	14.67	10.89
2025-11-03	17.42	14.82	10.92
2025-11-04	16.22	14.96	10.95
2025-11-05	16.58	15.09	10.97
2025-11-06	15.40	15.21	11.00
2025-11-07	15.57	15.33	11.02
2025-11-10	15.03	15.44	11.03
2025-11-11	14.05	15.53	11.05
2025-11-12	13.33	15.61	11.07
2025-11-13	11.98	15.67	11.08
2025-11-14	10.96	15.70	11.08
2025-11-17	10.61	15.73	11.08
2025-11-18	10.81	15.75	11.08
2025-11-19	10.22	15.76	11.08
2025-11-20	9.78	15.75	11.07
2025-11-21	9.73	15.73	11.07
2025-11-24	11.48	15.76	11.07
2025-11-25	11.82	15.77	11.07
2025-11-26	13.45	15.81	11.09
2025-11-28	15.10	15.84	11.11
2025-12-01	14.08	15.85	11.13
2025-12-02	13.71	15.85	11.15
2025-12-03	14.49	15.86	11.17
2025-12-04	15.03	15.88	11.19
2025-12-05	13.72	15.88	11.21
2025-12-08	13.89	15.90	11.24
2025-12-09	14.85	15.89	11.27
2025-12-10	14.53	15.90	11.30
2025-12-11	14.82	15.90	11.33
2025-12-12	14.03	15.88	11.36
2025-12-15	11.92	15.80	11.38
2025-12-16	11.86	15.69	11.40
2025-12-17	11.48	15.56	11.42
2025-12-18	11.20	15.40	11.44
2025-12-19	12.03	15.24	11.46
2025-12-22	12.10	15.10	11.47
2025-12-23	11.51	14.93	11.49
2025-12-24	11.40	14.71	11.51
2025-12-26	10.91	14.47	11.52
2025-12-29	10.72	14.28	11.53
2025-12-30	10.42	14.10	11.55
2025-12-31	10.12	13.89	11.56
2026-01-02	11.55	13.75	11.58
2026-01-05	12.30	13.66	11.60
2026-01-06	11.99	13.55	11.62
2026-01-07	11.93	13.40	11.64
2026-01-08	11.99	13.23	11.66
2026-01-09	11.61	13.08	11.67
2026-01-12	11.96	12.94	11.69
2026-01-13	12.55	12.84	11.72
2026-01-14	13.34	12.75	11.75
2026-01-15	12.73	12.66	11.78
2026-01-16	13.37	12.60	11.81
2026-01-20	12.76	12.52	11.83
2026-01-21	12.81	12.47	11.86
2026-01-22	13.19	12.42	11.89
2026-01-23	13.71	12.40	11.92
2026-01-26	12.44	12.37	11.94
2026-01-27	13.27	12.37	11.97
2026-01-28	13.45	12.39	12.00
2026-01-29	12.59	12.43	12.03
2026-01-30	11.84	12.45	12.05
2026-02-02	11.04	12.46	12.07
2026-02-03	11.36	12.48	12.09
2026-02-04	10.22	12.49	12.10
2026-02-05	8.27	12.46	12.11
2026-02-06	10.08	12.43	12.11
2026-02-09	10.19	12.40	12.12
2026-02-10	10.03	12.33	12.13
2026-02-11	9.62	12.22	12.13
2026-02-12	9.31	12.12	12.13
2026-02-13	9.85	12.05	12.14
2026-02-17	9.28	11.94	12.15
2026-02-18	9.27	11.83	12.15
2026-02-19	9.82	11.75	12.15
2026-02-20	9.65	11.67	12.16
2026-02-23	9.82	11.56	12.17
2026-02-24	10.35	11.48	12.18
2026-02-25	10.45	11.39	12.19
2026-02-26	10.44	11.32	12.20
2026-02-27	9.95	11.28	12.20
2026-03-02	10.55	11.26	12.20
2026-03-03	9.89	11.22	12.20
2026-03-04	10.66	11.21	12.21
2026-03-05	9.95	11.17	12.21
2026-03-06	9.21	11.11	12.21
2026-03-09	9.61	11.08	12.21
2026-03-10	9.63	11.04	12.20
2026-03-11	9.81	11.02	12.20
2026-03-12	9.55	11.00	12.20
2026-03-13	9.76	10.98	12.20
2026-03-16	10.02	10.98	12.21
2026-03-17	10.11	10.95	12.22
2026-03-18	9.88	10.90	12.22
2026-03-19	9.83	10.86	12.23
2026-03-20	9.40	10.81	12.23
2026-03-23	9.98	10.77	12.23
2026-03-24	9.58	10.73	12.23
2026-03-25	9.96	10.69	12.23
2026-03-26	9.30	10.62	12.23
2026-03-27	8.66	10.53	12.22
2026-03-30	8.18	10.44	12.21
2026-03-31	8.51	10.34	12.21
2026-04-01	8.62	10.26	12.20
2026-04-02	8.79	10.18	12.20
2026-04-06	9.10	10.10	12.20
2026-04-07	9.06	10.00	12.20
2026-04-08	9.88	9.95	12.21
2026-04-09	10.20	9.89	12.21
2026-04-10	10.02	9.82	12.21
2026-04-13	10.76	9.79	12.21
2026-04-14	11.27	9.77	12.22
2026-04-15	11.26	9.78	12.22
2026-04-16	11.42	9.78	12.22
2026-04-17	11.97	9.82	12.22
2026-04-20	12.05	9.89	12.22
2026-04-21	11.51	9.92	12.22
2026-04-22	12.21	9.96	12.22
2026-04-23	12.23	10.00	12.23
2026-04-24	12.76	10.07	12.23
2026-04-27	12.25	10.13	12.22
2026-04-28	11.79	10.16	12.22
2026-04-29	11.37	10.21	12.21
2026-04-30	12.53	10.27	12.22
2026-05-01	12.17	10.32	12.21
2026-05-04	12.82	10.38	12.21
2026-05-05	13.41	10.45	12.22
2026-05-06	14.50	10.54	12.23
2026-05-07	13.98	10.61	12.23
2026-05-08	14.20	10.68	12.24
2026-05-11	14.30	10.77	12.25
2026-05-12	13.47	10.83	12.26
2026-05-13	13.30	10.90	12.27
2026-05-14	13.98	10.96	12.28
2026-05-15	13.11	11.03	12.28
2026-05-18	13.44	11.11	12.30
2026-05-19	14.69	11.21	12.32
2026-05-20	15.40	11.33	12.34
2026-05-21	15.76	11.45	12.37
2026-05-22	15.97	11.57	12.39
2026-05-26	17.13	11.72	12.42
2026-05-27	18.04	11.88	12.46
2026-05-28	18.14	12.04	12.50
2026-05-29	18.29	12.21	12.55
2026-06-01	18.81	12.39	12.59
2026-06-02	17.58	12.55	12.63
2026-06-03	17.61	12.71	12.67
2026-06-04	16.78	12.85	12.70
2026-06-05	15.59	12.96	12.73
2026-06-08	16.52	13.11	12.77
2026-06-09	15.97	13.25	12.80
2026-06-10	14.90	13.39	12.83
2026-06-11	16.17	13.54	12.86
2026-06-12	16.48	13.70	12.89
2026-06-15	17.14	13.87	12.93
2026-06-16	17.26	14.03	12.97
2026-06-17	16.78	14.18	13.01
2026-06-18	17.24	14.33	13.04
2026-06-22	17.45	14.48	13.08
2026-06-23	17.19	14.62	13.13
2026-06-24	16.23	14.73	13.16
2026-06-25	15.87	14.82	13.19
2026-06-26	16.33	14.92	13.23
2026-06-29	15.37	15.00	13.25
2026-06-30	14.55	15.05	13.28
2026-07-01	13.62	15.08	13.29
2026-07-02	12.62	15.11	13.30
2026-07-06	13.51	15.13	13.32
2026-07-07	12.48	15.14	13.32
2026-07-08	12.40	15.13	13.32
2026-07-09	12.89	15.14	13.31
2026-07-10	12.85	15.16	13.31
2026-07-13	12.36	15.18	13.30
2026-07-14	13.45	15.20	13.29
2026-07-15	14.13	15.24	13.30
2026-07-16	12.90	15.24	13.30
2026-07-17	13.03	15.24	13.29
2026-07-20	14.42	15.23	13.29
2026-07-21	15.38	15.26	13.29
2026-07-22	15.33	15.28	13.29
2026-07-23	15.61	15.31	13.29
2026-07-24	14.52	15.33	13.28
2026-07-27	14.03	15.35	13.26
2026-07-28	13.48	15.34	13.23
2026-07-29	12.01	15.31	13.19
2026-07-30	14.54	15.34	13.16
2026-07-31	13.76	15.32	13.13
2026-08-03	14.65	15.30	13.10
2026-08-04	14.17	15.27	13.05
2026-08-05	13.50	15.22	13.02
2026-08-06	12.75	15.13	12.98
2026-08-07	12.30	15.02	12.94
2026-08-10	11.59	14.89	12.91
2026-08-11	11.52	14.75	12.88
2026-08-12	12.18	14.62	12.85
2026-08-13	11.52	14.50	12.81
2026-08-14	12.09	14.39	12.77
2026-08-17	12.40	14.30	12.74
2026-08-18	11.73	14.22	12.70
2026-08-19	11.67	14.13	12.67
2026-08-20	12.60	14.06	12.65
2026-08-21	11.98	14.00	12.62
2026-08-24	11.93	13.92	12.60
2026-08-25	12.75	13.84	12.58
2026-08-26	12.18	13.74	12.56
2026-08-27	12.95	13.66	12.55
2026-08-28	11.66	13.55	12.53
2026-08-31	11.62	13.44	12.52
2026-09-01	11.06	13.31	12.51
2026-09-02	11.33	13.20	12.51
2026-09-03	12.58	13.12	12.52
2026-09-04	12.69	13.06	12.53
2026-09-08	13.48	13.00	12.54
2026-09-09	13.28	12.96	12.56
2026-09-10	12.80	12.93	12.57
2026-09-11	13.67	12.93	12.59

CLSK's RSI over 14 sessions, with the 30 and 70 lines it is read against

RSI, 0 to 100 · sessions 2025-09-11 to 2026-09-11 · as of 2026-09-12 · data/prices_history.json

CLSK's RSI over 14 sessions, with the 30 and 70 lines it is read against
Period	RSI 14 (RSI, 0 to 100)	70 (RSI, 0 to 100)	30 (RSI, 0 to 100)
2025-09-11	54.43	70	30
2025-09-12	56.46	70	30
2025-09-15	55.39	70	30
2025-09-16	65.91	70	30
2025-09-17	68.04	70	30
2025-09-18	79.63	70	30
2025-09-19	80.24	70	30
2025-09-22	80.71	70	30
2025-09-23	81.38	70	30
2025-09-24	83.36	70	30
2025-09-25	71.65	70	30
2025-09-26	62.77	70	30
2025-09-29	72.5	70	30
2025-09-30	68.75	70	30
2025-10-01	69.17	70	30
2025-10-02	71.66	70	30
2025-10-03	74.85	70	30
2025-10-06	79.48	70	30
2025-10-07	80.83	70	30
2025-10-08	83.13	70	30
2025-10-09	85.21	70	30
2025-10-10	77.68	70	30
2025-10-13	79.51	70	30
2025-10-14	83.28	70	30
2025-10-15	85.13	70	30
2025-10-16	64.79	70	30
2025-10-17	62.47	70	30
2025-10-20	65.01	70	30
2025-10-21	57.22	70	30
2025-10-22	49.71	70	30
2025-10-23	52.55	70	30
2025-10-24	57.92	70	30
2025-10-27	60.3	70	30
2025-10-28	56.01	70	30
2025-10-29	54.96	70	30
2025-10-30	50.31	70	30
2025-10-31	50.72	70	30
2025-11-03	49.2	70	30
2025-11-04	44.65	70	30
2025-11-05	46.26	70	30
2025-11-06	41.96	70	30
2025-11-07	42.78	70	30
2025-11-10	40.8	70	30
2025-11-11	37.4	70	30
2025-11-12	35.11	70	30
2025-11-13	31.22	70	30
2025-11-14	28.64	70	30
2025-11-17	27.79	70	30
2025-11-18	29.09	70	30
2025-11-19	27.52	70	30
2025-11-20	26.38	70	30
2025-11-21	26.25	70	30
2025-11-24	38.03	70	30
2025-11-25	40.04	70	30
2025-11-26	48.62	70	30
2025-11-28	55.55	70	30
2025-12-01	50.97	70	30
2025-12-02	49.38	70	30
2025-12-03	52.73	70	30
2025-12-04	54.95	70	30
2025-12-05	48.92	70	30
2025-12-08	49.71	70	30
2025-12-09	53.93	70	30
2025-12-10	52.35	70	30
2025-12-11	53.67	70	30
2025-12-12	49.64	70	30
2025-12-15	40.79	70	30
2025-12-16	40.59	70	30
2025-12-17	39.15	70	30
2025-12-18	38.07	70	30
2025-12-19	43.07	70	30
2025-12-22	43.48	70	30
2025-12-23	40.79	70	30
2025-12-24	40.29	70	30
2025-12-26	38.04	70	30
2025-12-29	37.18	70	30
2025-12-30	35.8	70	30
2025-12-31	34.42	70	30
2026-01-02	45.24	70	30
2026-01-05	49.91	70	30
2026-01-06	48.09	70	30
2026-01-07	47.72	70	30
2026-01-08	48.14	70	30
2026-01-09	45.63	70	30
2026-01-12	48.31	70	30
2026-01-13	52.55	70	30
2026-01-14	57.57	70	30
2026-01-15	52.92	70	30
2026-01-16	56.86	70	30
2026-01-20	52.36	70	30
2026-01-21	52.69	70	30
2026-01-22	55.23	70	30
2026-01-23	58.52	70	30
2026-01-26	49.05	70	30
2026-01-27	54.26	70	30
2026-01-28	55.32	70	30
2026-01-29	49.4	70	30
2026-01-30	44.88	70	30
2026-02-02	40.62	70	30
2026-02-03	42.95	70	30
2026-02-04	37.32	70	30
2026-02-05	30.05	70	30
2026-02-06	41.46	70	30
2026-02-09	42.07	70	30
2026-02-10	41.39	70	30
2026-02-11	39.62	70	30
2026-02-12	38.28	70	30
2026-02-13	41.95	70	30
2026-02-17	39.29	70	30
2026-02-18	39.25	70	30
2026-02-19	43.27	70	30
2026-02-20	42.33	70	30
2026-02-23	43.64	70	30
2026-02-24	47.63	70	30
2026-02-25	48.37	70	30
2026-02-26	48.3	70	30
2026-02-27	44.7	70	30
2026-03-02	49.64	70	30
2026-03-03	44.89	70	30
2026-03-04	50.81	70	30
2026-03-05	45.91	70	30
2026-03-06	41.43	70	30
2026-03-09	44.58	70	30
2026-03-10	44.74	70	30
2026-03-11	46.24	70	30
2026-03-12	44.37	70	30
2026-03-13	46.26	70	30
2026-03-16	48.6	70	30
2026-03-17	49.42	70	30
2026-03-18	47.34	70	30
2026-03-19	46.88	70	30
2026-03-20	43	70	30
2026-03-23	49.12	70	30
2026-03-24	45.49	70	30
2026-03-25	49.32	70	30
2026-03-26	43.59	70	30
2026-03-27	38.87	70	30
2026-03-30	35.75	70	30
2026-03-31	39.36	70	30
2026-04-01	40.56	70	30
2026-04-02	42.45	70	30
2026-04-06	45.84	70	30
2026-04-07	45.47	70	30
2026-04-08	53.75	70	30
2026-04-09	56.52	70	30
2026-04-10	54.54	70	30
2026-04-13	60.65	70	30
2026-04-14	64.22	70	30
2026-04-15	64.1	70	30
2026-04-16	65.24	70	30
2026-04-17	68.91	70	30
2026-04-20	69.42	70	30
2026-04-21	62.08	70	30
2026-04-22	66.96	70	30
2026-04-23	67.09	70	30
2026-04-24	70.42	70	30
2026-04-27	63.73	70	30
2026-04-28	58.36	70	30
2026-04-29	53.89	70	30
2026-04-30	62.44	70	30
2026-05-01	58.8	70	30
2026-05-04	63	70	30
2026-05-05	66.35	70	30
2026-05-06	71.49	70	30
2026-05-07	66.29	70	30
2026-05-08	67.37	70	30
2026-05-11	67.88	70	30
2026-05-12	59.63	70	30
2026-05-13	58.08	70	30
2026-05-14	62.31	70	30
2026-05-15	54.7	70	30
2026-05-18	56.85	70	30
2026-05-19	63.86	70	30
2026-05-20	67.13	70	30
2026-05-21	68.67	70	30
2026-05-22	69.57	70	30
2026-05-26	74.01	70	30
2026-05-27	76.86	70	30
2026-05-28	77.16	70	30
2026-05-29	77.62	70	30
2026-06-01	79.2	70	30
2026-06-02	67.16	70	30
2026-06-03	67.29	70	30
2026-06-04	60.16	70	30
2026-06-05	51.7	70	30
2026-06-08	56.81	70	30
2026-06-09	53.22	70	30
2026-06-10	47.01	70	30
2026-06-11	53.89	70	30
2026-06-12	55.41	70	30
2026-06-15	58.55	70	30
2026-06-16	59.12	70	30
2026-06-17	55.84	70	30
2026-06-18	58.23	70	30
2026-06-22	59.31	70	30
2026-06-23	57.33	70	30
2026-06-24	50.62	70	30
2026-06-25	48.34	70	30
2026-06-26	51.36	70	30
2026-06-29	45.39	70	30
2026-06-30	41.01	70	30
2026-07-01	36.68	70	30
2026-07-02	32.69	70	30
2026-07-06	39.05	70	30
2026-07-07	34.94	70	30
2026-07-08	34.63	70	30
2026-07-09	38.19	70	30
2026-07-10	38.01	70	30
2026-07-13	35.76	70	30
2026-07-14	43.73	70	30
2026-07-15	48.07	70	30
2026-07-16	41.8	70	30
2026-07-17	42.65	70	30
2026-07-20	50.92	70	30
2026-07-21	55.67	70	30
2026-07-22	55.34	70	30
2026-07-23	56.77	70	30
2026-07-24	50.14	70	30
2026-07-27	47.44	70	30
2026-07-28	44.58	70	30
2026-07-29	37.95	70	30
2026-07-30	51.36	70	30
2026-07-31	47.92	70	30
2026-08-03	51.88	70	30
2026-08-04	49.69	70	30
2026-08-05	46.72	70	30
2026-08-06	43.58	70	30
2026-08-07	41.77	70	30
2026-08-10	39.01	70	30
2026-08-11	38.74	70	30
2026-08-12	42.78	70	30
2026-08-13	39.94	70	30
2026-08-14	43.43	70	30
2026-08-17	45.3	70	30
2026-08-18	42.07	70	30
2026-08-19	41.78	70	30
2026-08-20	47.74	70	30
2026-08-21	44.47	70	30
2026-08-24	44.21	70	30
2026-08-25	49.48	70	30
2026-08-26	46.21	70	30
2026-08-27	50.92	70	30
2026-08-28	43.97	70	30
2026-08-31	43.77	70	30
2026-09-01	40.97	70	30
2026-09-02	42.87	70	30
2026-09-03	50.77	70	30
2026-09-04	51.4	70	30
2026-09-08	55.82	70	30
2026-09-09	54.47	70	30
2026-09-10	51.27	70	30
2026-09-11	56.29	70	30

CLSK's MACD line, its 9-session signal and the histogram between them

USD per share · sessions 2025-09-11 to 2026-09-11 · as of 2026-09-12 · data/prices_history.json

CLSK's MACD line, its 9-session signal and the histogram between them
Period	MACD 12, 26 (USD per share)	Signal 9 (USD per share)	Histogram (USD per share)
2025-09-11	-0.22	-0.35	0.13
2025-09-12	-0.15	-0.31	0.16
2025-09-15	-0.10	-0.27	0.17
2025-09-16	0.01	-0.21	0.23
2025-09-17	0.12	-0.15	0.27
2025-09-18	0.37	-0.04	0.41
2025-09-19	0.57	0.08	0.49
2025-09-22	0.73	0.21	0.52
2025-09-23	0.86	0.34	0.52
2025-09-24	0.99	0.47	0.53
2025-09-25	1.03	0.58	0.45
2025-09-26	0.99	0.66	0.32
2025-09-29	1.09	0.75	0.34
2025-09-30	1.14	0.83	0.31
2025-10-01	1.16	0.89	0.27
2025-10-02	1.21	0.96	0.26
2025-10-03	1.31	1.03	0.28
2025-10-06	1.48	1.12	0.36
2025-10-07	1.64	1.22	0.42
2025-10-08	1.83	1.34	0.49
2025-10-09	2.05	1.49	0.56
2025-10-10	2.13	1.62	0.52
2025-10-13	2.23	1.74	0.49
2025-10-14	2.44	1.88	0.56
2025-10-15	2.67	2.04	0.63
2025-10-16	2.57	2.14	0.42
2025-10-17	2.42	2.20	0.22
2025-10-20	2.35	2.23	0.12
2025-10-21	2.13	2.21	-0.08
2025-10-22	1.79	2.12	-0.34
2025-10-23	1.56	2.01	-0.45
2025-10-24	1.50	1.91	-0.41
2025-10-27	1.50	1.83	-0.32
2025-10-28	1.41	1.74	-0.34
2025-10-29	1.29	1.65	-0.36
2025-10-30	1.09	1.54	-0.45
2025-10-31	0.93	1.42	-0.49
2025-11-03	0.76	1.29	-0.52
2025-11-04	0.53	1.14	-0.61
2025-11-05	0.37	0.98	-0.61
2025-11-06	0.14	0.81	-0.67
2025-11-07	-0.02	0.65	-0.67
2025-11-10	-0.19	0.48	-0.67
2025-11-11	-0.40	0.30	-0.71
2025-11-12	-0.62	0.12	-0.74
2025-11-13	-0.89	-0.08	-0.81
2025-11-14	-1.17	-0.30	-0.87
2025-11-17	-1.41	-0.52	-0.89
2025-11-18	-1.56	-0.73	-0.83
2025-11-19	-1.71	-0.93	-0.79
2025-11-20	-1.85	-1.11	-0.73
2025-11-21	-1.93	-1.28	-0.66
2025-11-24	-1.84	-1.39	-0.45
2025-11-25	-1.72	-1.46	-0.26
2025-11-26	-1.47	-1.46	-0.02
2025-11-28	-1.13	-1.39	0.26
2025-12-01	-0.94	-1.30	0.37
2025-12-02	-0.80	-1.20	0.40
2025-12-03	-0.62	-1.09	0.46
2025-12-04	-0.43	-0.95	0.52
2025-12-05	-0.38	-0.84	0.46
2025-12-08	-0.33	-0.74	0.41
2025-12-09	-0.20	-0.63	0.43
2025-12-10	-0.13	-0.53	0.40
2025-12-11	-0.04	-0.43	0.39
2025-12-12	-0.04	-0.35	0.31
2025-12-15	-0.21	-0.33	0.12
2025-12-16	-0.34	-0.33	-0.01
2025-12-17	-0.47	-0.36	-0.11
2025-12-18	-0.59	-0.40	-0.19
2025-12-19	-0.61	-0.45	-0.17
2025-12-22	-0.61	-0.48	-0.13
2025-12-23	-0.66	-0.51	-0.14
2025-12-24	-0.69	-0.55	-0.14
2025-12-26	-0.75	-0.59	-0.16
2025-12-29	-0.80	-0.63	-0.17
2025-12-30	-0.86	-0.68	-0.18
2025-12-31	-0.92	-0.72	-0.19
2026-01-02	-0.84	-0.75	-0.09
2026-01-05	-0.71	-0.74	0.03
2026-01-06	-0.62	-0.71	0.10
2026-01-07	-0.55	-0.68	0.13
2026-01-08	-0.48	-0.64	0.16
2026-01-09	-0.46	-0.60	0.15
2026-01-12	-0.40	-0.56	0.16
2026-01-13	-0.31	-0.51	0.20
2026-01-14	-0.17	-0.44	0.28
2026-01-15	-0.11	-0.38	0.27
2026-01-16	-0.00	-0.30	0.30
2026-01-20	0.03	-0.24	0.26
2026-01-21	0.06	-0.18	0.23
2026-01-22	0.11	-0.12	0.23
2026-01-23	0.19	-0.06	0.25
2026-01-26	0.15	-0.02	0.17
2026-01-27	0.18	0.02	0.16
2026-01-28	0.22	0.06	0.16
2026-01-29	0.18	0.08	0.09
2026-01-30	0.08	0.08	-0.00
2026-02-02	-0.06	0.06	-0.11
2026-02-03	-0.14	0.02	-0.16
2026-02-04	-0.29	-0.04	-0.25
2026-02-05	-0.56	-0.15	-0.42
2026-02-06	-0.63	-0.24	-0.38
2026-02-09	-0.66	-0.33	-0.33
2026-02-10	-0.69	-0.40	-0.29
2026-02-11	-0.74	-0.47	-0.27
2026-02-12	-0.80	-0.53	-0.26
2026-02-13	-0.79	-0.58	-0.20
2026-02-17	-0.82	-0.63	-0.19
2026-02-18	-0.83	-0.67	-0.16
2026-02-19	-0.79	-0.69	-0.09
2026-02-20	-0.76	-0.71	-0.05
2026-02-23	-0.72	-0.71	-0.01
2026-02-24	-0.63	-0.69	0.06
2026-02-25	-0.55	-0.67	0.12
2026-02-26	-0.48	-0.63	0.15
2026-02-27	-0.46	-0.59	0.14
2026-03-02	-0.39	-0.55	0.16
2026-03-03	-0.38	-0.52	0.14
2026-03-04	-0.31	-0.48	0.17
2026-03-05	-0.31	-0.44	0.13
2026-03-06	-0.36	-0.43	0.06
2026-03-09	-0.37	-0.42	0.05
2026-03-10	-0.37	-0.41	0.04
2026-03-11	-0.35	-0.40	0.05
2026-03-12	-0.35	-0.39	0.04
2026-03-13	-0.33	-0.38	0.04
2026-03-16	-0.29	-0.36	0.07
2026-03-17	-0.25	-0.34	0.09
2026-03-18	-0.23	-0.32	0.08
2026-03-19	-0.22	-0.30	0.08
2026-03-20	-0.24	-0.29	0.04
2026-03-23	-0.21	-0.27	0.06
2026-03-24	-0.22	-0.26	0.04
2026-03-25	-0.19	-0.25	0.06
2026-03-26	-0.21	-0.24	0.02
2026-03-27	-0.28	-0.25	-0.04
2026-03-30	-0.38	-0.27	-0.10
2026-03-31	-0.42	-0.30	-0.11
2026-04-01	-0.43	-0.33	-0.10
2026-04-02	-0.43	-0.35	-0.08
2026-04-06	-0.40	-0.36	-0.04
2026-04-07	-0.37	-0.36	-0.01
2026-04-08	-0.28	-0.34	0.07
2026-04-09	-0.18	-0.31	0.13
2026-04-10	-0.11	-0.27	0.16
2026-04-13	0.00	-0.22	0.22
2026-04-14	0.13	-0.15	0.28
2026-04-15	0.23	-0.07	0.30
2026-04-16	0.31	0.01	0.31
2026-04-17	0.42	0.09	0.33
2026-04-20	0.51	0.17	0.34
2026-04-21	0.53	0.24	0.28
2026-04-22	0.59	0.31	0.28
2026-04-23	0.64	0.38	0.26
2026-04-24	0.71	0.45	0.26
2026-04-27	0.72	0.50	0.22
2026-04-28	0.68	0.54	0.14
2026-04-29	0.60	0.55	0.06
2026-04-30	0.63	0.57	0.07
2026-05-01	0.62	0.58	0.04
2026-05-04	0.65	0.59	0.06
2026-05-05	0.72	0.62	0.10
2026-05-06	0.85	0.66	0.19
2026-05-07	0.90	0.71	0.19
2026-05-08	0.95	0.76	0.19
2026-05-11	0.99	0.81	0.18
2026-05-12	0.93	0.83	0.10
2026-05-13	0.87	0.84	0.03
2026-05-14	0.87	0.84	0.02
2026-05-15	0.78	0.83	-0.05
2026-05-18	0.73	0.81	-0.08
2026-05-19	0.79	0.81	-0.02
2026-05-20	0.88	0.82	0.06
2026-05-21	0.97	0.85	0.12
2026-05-22	1.04	0.89	0.15
2026-05-26	1.18	0.95	0.23
2026-05-27	1.35	1.03	0.32
2026-05-28	1.47	1.12	0.36
2026-05-29	1.57	1.21	0.36
2026-06-01	1.66	1.30	0.37
2026-06-02	1.62	1.36	0.26
2026-06-03	1.57	1.41	0.17
2026-06-04	1.45	1.41	0.04
2026-06-05	1.24	1.38	-0.14
2026-06-08	1.14	1.33	-0.19
2026-06-09	1.00	1.27	-0.26
2026-06-10	0.80	1.17	-0.37
2026-06-11	0.73	1.09	-0.35
2026-06-12	0.70	1.01	-0.31
2026-06-15	0.71	0.95	-0.24
2026-06-16	0.73	0.90	-0.18
2026-06-17	0.69	0.86	-0.17
2026-06-18	0.69	0.83	-0.14
2026-06-22	0.70	0.80	-0.10
2026-06-23	0.68	0.78	-0.10
2026-06-24	0.58	0.74	-0.16
2026-06-25	0.46	0.68	-0.22
2026-06-26	0.41	0.63	-0.22
2026-06-29	0.28	0.56	-0.28
2026-06-30	0.11	0.47	-0.36
2026-07-01	-0.10	0.36	-0.45
2026-07-02	-0.34	0.22	-0.55
2026-07-06	-0.45	0.08	-0.53
2026-07-07	-0.62	-0.06	-0.56
2026-07-08	-0.75	-0.19	-0.55
2026-07-09	-0.80	-0.32	-0.48
2026-07-10	-0.84	-0.42	-0.42
2026-07-13	-0.89	-0.52	-0.38
2026-07-14	-0.84	-0.58	-0.26
2026-07-15	-0.74	-0.61	-0.13
2026-07-16	-0.75	-0.64	-0.11
2026-07-17	-0.73	-0.66	-0.08
2026-07-20	-0.61	-0.65	0.04
2026-07-21	-0.42	-0.60	0.18
2026-07-22	-0.28	-0.54	0.26
2026-07-23	-0.14	-0.46	0.32
2026-07-24	-0.11	-0.39	0.28
2026-07-27	-0.13	-0.34	0.21
2026-07-28	-0.19	-0.31	0.12
2026-07-29	-0.35	-0.32	-0.03
2026-07-30	-0.27	-0.31	0.04
2026-07-31	-0.26	-0.30	0.03
2026-08-03	-0.19	-0.28	0.09
2026-08-04	-0.16	-0.25	0.09
2026-08-05	-0.20	-0.24	0.05
2026-08-06	-0.28	-0.25	-0.03
2026-08-07	-0.38	-0.27	-0.10
2026-08-10	-0.51	-0.32	-0.18
2026-08-11	-0.61	-0.38	-0.23
2026-08-12	-0.63	-0.43	-0.20
2026-08-13	-0.69	-0.48	-0.21
2026-08-14	-0.68	-0.52	-0.16
2026-08-17	-0.64	-0.54	-0.10
2026-08-18	-0.66	-0.57	-0.09
2026-08-19	-0.67	-0.59	-0.08
2026-08-20	-0.60	-0.59	-0.01
2026-08-21	-0.58	-0.59	0.01
2026-08-24	-0.57	-0.59	0.02
2026-08-25	-0.49	-0.57	0.08
2026-08-26	-0.46	-0.54	0.08
2026-08-27	-0.37	-0.51	0.14
2026-08-28	-0.41	-0.49	0.08
2026-08-31	-0.43	-0.48	0.05
2026-09-01	-0.49	-0.48	-0.01
2026-09-02	-0.50	-0.48	-0.02
2026-09-03	-0.41	-0.47	0.06
2026-09-04	-0.33	-0.44	0.11
2026-09-08	-0.19	-0.39	0.20
2026-09-09	-0.10	-0.33	0.23
2026-09-10	-0.07	-0.28	0.21
2026-09-11	0.03	-0.22	0.25

09 FINDINGS LOG

LEARN

79 tests and 36 article candidates, written by the nightly job on 2026-09-12: date, statistic, sample, p-value and one descriptive sentence per test. A test at p under 0.01 on at least 8 independent points is flagged for the Learn section.

79 tests on the last run; 36 reach the article-candidate rule (p under 0.01 on at least 8 independent points).

Date	Test	n	r	R squared	p	Reading	Candidate
2026-09-12	leverage:MARA:365price	365	1.28	0.45	under 0.0001	Over the last 365 sessions, MARA's daily log return moved 1.28 for each 1.00 of bitcoin's (95% interval 1.13 to 1.43; r 0.67, R squared 0.45, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:CLSK:365price	365	1.33	0.41	under 0.0001	Over the last 365 sessions, CLSK's daily log return moved 1.33 for each 1.00 of bitcoin's (95% interval 1.16 to 1.49; r 0.64, R squared 0.41, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:BTBT:365price	365	1.23	0.34	under 0.0001	Over the last 365 sessions, BTBT's daily log return moved 1.23 for each 1.00 of bitcoin's (95% interval 1.05 to 1.41; r 0.58, R squared 0.34, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:RIOT:365price	365	1.09	0.30	under 0.0001	Over the last 365 sessions, RIOT's daily log return moved 1.09 for each 1.00 of bitcoin's (95% interval 0.92 to 1.26; r 0.55, R squared 0.30, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:HIVE:365price	365	1.15	0.28	under 0.0001	Over the last 365 sessions, HIVE's daily log return moved 1.15 for each 1.00 of bitcoin's (95% interval 0.96 to 1.34; r 0.53, R squared 0.28, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:MARA:365price	365	108.19	not computed	under 0.0001	Over the last 365 sessions, MARA closed up on 76% of the days bitcoin closed up and on 21% of the days it did not (chi-square 108.19, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:DMGGF:365price	365	1.13	0.25	under 0.0001	Over the last 365 sessions, DMGGF's daily log return moved 1.13 for each 1.00 of bitcoin's (95% interval 0.93 to 1.34; r 0.50, R squared 0.25, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:KEEL:365price	365	1.22	0.24	under 0.0001	Over the last 365 sessions, KEEL's daily log return moved 1.22 for each 1.00 of bitcoin's (95% interval 0.99 to 1.44; r 0.49, R squared 0.24, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:BTDR:365price	365	1.18	0.24	under 0.0001	Over the last 365 sessions, BTDR's daily log return moved 1.18 for each 1.00 of bitcoin's (95% interval 0.96 to 1.40; r 0.48, R squared 0.24, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:BTDR:365price	365	88.26	not computed	under 0.0001	Over the last 365 sessions, BTDR closed up on 77% of the days bitcoin closed up and on 28% of the days it did not (chi-square 88.26, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:CLSK:365price	365	87.93	not computed	under 0.0001	Over the last 365 sessions, CLSK closed up on 76% of the days bitcoin closed up and on 26% of the days it did not (chi-square 87.93, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:HUT:365price	365	1.06	0.21	under 0.0001	Over the last 365 sessions, HUT's daily log return moved 1.06 for each 1.00 of bitcoin's (95% interval 0.85 to 1.28; r 0.45, R squared 0.21, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:BTBT:365price	365	79.76	not computed	under 0.0001	Over the last 365 sessions, BTBT closed up on 71% of the days bitcoin closed up and on 24% of the days it did not (chi-square 79.76, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:VIP:365price	365	1.15	0.18	under 0.0001	Over the last 365 sessions, VIP's daily log return moved 1.15 for each 1.00 of bitcoin's (95% interval 0.90 to 1.40; r 0.43, R squared 0.18, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:DMGGF:365price	365	72.42	not computed	under 0.0001	Over the last 365 sessions, DMGGF closed up on 69% of the days bitcoin closed up and on 25% of the days it did not (chi-square 72.42, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:KEEL:365price	365	70.87	not computed	under 0.0001	Over the last 365 sessions, KEEL closed up on 72% of the days bitcoin closed up and on 28% of the days it did not (chi-square 70.87, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:HIVE:365price	365	70.73	not computed	under 0.0001	Over the last 365 sessions, HIVE closed up on 70% of the days bitcoin closed up and on 26% of the days it did not (chi-square 70.73, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:CIFR:365price	365	1.04	0.16	under 0.0001	Over the last 365 sessions, CIFR's daily log return moved 1.04 for each 1.00 of bitcoin's (95% interval 0.79 to 1.28; r 0.40, R squared 0.16, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:IREN:365price	365	0.94	0.16	under 0.0001	Over the last 365 sessions, IREN's daily log return moved 0.94 for each 1.00 of bitcoin's (95% interval 0.71 to 1.16; r 0.40, R squared 0.16, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:VIP:365price	365	57.24	not computed	under 0.0001	Over the last 365 sessions, VIP closed up on 67% of the days bitcoin closed up and on 28% of the days it did not (chi-square 57.24, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:WULF:365price	365	0.89	0.14	under 0.0001	Over the last 365 sessions, WULF's daily log return moved 0.89 for each 1.00 of bitcoin's (95% interval 0.67 to 1.12; r 0.38, R squared 0.14, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:CORZ:365price	365	0.64	0.13	under 0.0001	Over the last 365 sessions, CORZ's daily log return moved 0.64 for each 1.00 of bitcoin's (95% interval 0.47 to 0.81; r 0.36, R squared 0.13, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:IREN:365price	365	50.26	not computed	under 0.0001	Over the last 365 sessions, IREN closed up on 70% of the days bitcoin closed up and on 33% of the days it did not (chi-square 50.26, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:RIOT:365price	365	50.26	not computed	under 0.0001	Over the last 365 sessions, RIOT closed up on 70% of the days bitcoin closed up and on 33% of the days it did not (chi-square 50.26, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:DGXX:365price	365	1.00	0.13	under 0.0001	Over the last 365 sessions, DGXX's daily log return moved 1.00 for each 1.00 of bitcoin's (95% interval 0.73 to 1.28; r 0.36, R squared 0.13, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:HUT:365price	365	49.69	not computed	under 0.0001	Over the last 365 sessions, HUT closed up on 73% of the days bitcoin closed up and on 37% of the days it did not (chi-square 49.69, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:CIFR:365price	365	45.53	not computed	under 0.0001	Over the last 365 sessions, CIFR closed up on 68% of the days bitcoin closed up and on 32% of the days it did not (chi-square 45.53, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:WULF:365price	365	37.84	not computed	under 0.0001	Over the last 365 sessions, WULF closed up on 68% of the days bitcoin closed up and on 36% of the days it did not (chi-square 37.84, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:ANY:365price	365	37.09	not computed	under 0.0001	Over the last 365 sessions, ANY closed up on 60% of the days bitcoin closed up and on 29% of the days it did not (chi-square 37.09, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:BGDE:365price	365	1.18	0.10	under 0.0001	Over the last 365 sessions, BGDE's daily log return moved 1.18 for each 1.00 of bitcoin's (95% interval 0.81 to 1.56; r 0.31, R squared 0.10, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:CORZ:365price	365	34.51	not computed	under 0.0001	Over the last 365 sessions, CORZ closed up on 69% of the days bitcoin closed up and on 39% of the days it did not (chi-square 34.51, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:ANY:365price	365	0.89	0.09	under 0.0001	Over the last 365 sessions, ANY's daily log return moved 0.89 for each 1.00 of bitcoin's (95% interval 0.59 to 1.19; r 0.29, R squared 0.09, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:DGXX:365price	365	24.52	not computed	under 0.0001	Over the last 365 sessions, DGXX closed up on 61% of the days bitcoin closed up and on 35% of the days it did not (chi-square 24.52, p under 0.0001, n 365).	article candidate
2026-09-12	leverage:ARBK:365price	365	1.01	0.05	under 0.0001	Over the last 365 sessions, ARBK's daily log return moved 1.01 for each 1.00 of bitcoin's (95% interval 0.56 to 1.46; r 0.23, R squared 0.05, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:BGDE:365price	365	17.54	not computed	under 0.0001	Over the last 365 sessions, BGDE closed up on 52% of the days bitcoin closed up and on 31% of the days it did not (chi-square 17.54, p under 0.0001, n 365).	article candidate
2026-09-12	concordance:ARBK:365price	365	14.97	not computed	0.0001	Over the last 365 sessions, ARBK closed up on 51% of the days bitcoin closed up and on 31% of the days it did not (chi-square 14.97, p 0.0001, n 365).	article candidate
2026-09-12	indicator:sma50_over_sma200:21indicator	8,750	-0.05	not computed	under 0.0001	Pooled across 18 miners, the 21-session forward log return averaged -0.06 on sessions with 50-session SMA above the 200-session SMA and -0.00 without it (difference -0.05, Welch t -11.63, p under 0.0001, n 8750 against 11695; overlapping windows, so p overstates).	no
2026-09-12	indicator:macd_hist_negative:21indicator	10,899	-0.04	not computed	under 0.0001	Pooled across 18 miners, the 21-session forward log return averaged -0.05 on sessions with MACD histogram negative and -0.00 without it (difference -0.04, Welch t -9.92, p under 0.0001, n 10899 against 12534; overlapping windows, so p overstates).	no
2026-09-12	indicator:macd_hist_positive:21indicator	12,534	0.04	not computed	under 0.0001	Pooled across 18 miners, the 21-session forward log return averaged -0.00 on sessions with MACD histogram positive and -0.05 without it (difference 0.04, Welch t 9.92, p under 0.0001, n 12534 against 10899; overlapping windows, so p overstates).	no
2026-09-12	d_revenue_vs_d_cost_of_revenuetime-series	176	0.59	0.34	under 0.0001	Across the 176 quarter-pairs pooled across companies, quarter-to-quarter log change in revenue and quarter-to-quarter log change in cost of revenue move together (r 0.59, R squared 0.34, p under 0.0001, n 176).	no
2026-09-12	indicator:close_over_cloud:21indicator	7,678	-0.03	not computed	under 0.0001	Pooled across 18 miners, the 21-session forward log return averaged -0.04 on sessions with close above the Ichimoku cloud and -0.01 without it (difference -0.03, Welch t -6.02, p under 0.0001, n 7678 against 14963; overlapping windows, so p overstates).	no
2026-09-12	indicator:sma50_over_sma200:5indicator	8,970	-0.01	not computed	under 0.0001	Pooled across 18 miners, the 5-session forward log return averaged -0.01 on sessions with 50-session SMA above the 200-session SMA and -0.00 without it (difference -0.01, Welch t -6.00, p under 0.0001, n 8970 against 11763; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_under_bb_lower:21indicator	1,060	0.05	not computed	under 0.0001	Pooled across 18 miners, the 21-session forward log return averaged 0.03 on sessions with close below the lower Bollinger band and -0.02 without it (difference 0.05, Welch t 4.71, p under 0.0001, n 1060 against 22625; overlapping windows, so p overstates).	no
2026-09-12	indicator:rsi_under_30:5indicator	1,058	0.03	not computed	under 0.0001	Pooled across 18 miners, the 5-session forward log return averaged 0.02 on sessions with RSI(14) under 30 and -0.00 without it (difference 0.03, Welch t 4.41, p under 0.0001, n 1058 against 23005; overlapping windows, so p overstates).	no
2026-09-12	indicator:rsi_over_70:21indicator	1,449	-0.04	not computed	under 0.0001	Pooled across 18 miners, the 21-session forward log return averaged -0.06 on sessions with RSI(14) over 70 and -0.02 without it (difference -0.04, Welch t -4.40, p under 0.0001, n 1449 against 22326; overlapping windows, so p overstates).	no
2026-09-12	indicator:rsi_under_30:21indicator	1,058	0.05	not computed	0.0006	Pooled across 18 miners, the 21-session forward log return averaged 0.02 on sessions with RSI(14) under 30 and -0.02 without it (difference 0.05, Welch t 3.43, p 0.0006, n 1058 against 22717; overlapping windows, so p overstates).	no
2026-09-12	d_assets_vs_d_sharestime-series	254	0.15	0.02	0.014	Across the 254 quarter-pairs pooled across companies, quarter-to-quarter log change in total assets and quarter-to-quarter log change in shares outstanding lean together, at a strength that would arise by chance about once in 100 (r 0.15, R squared 0.02, p 0.014, n 254).	no
2026-09-12	indicator:close_under_bb_lower:5indicator	1,063	0.01	not computed	0.017	Pooled across 18 miners, the 5-session forward log return averaged 0.01 on sessions with close below the lower Bollinger band and -0.00 without it (difference 0.01, Welch t 2.38, p 0.017, n 1063 against 22910; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_over_bb_upper:21indicator	1,774	0.02	not computed	0.019	Pooled across 18 miners, the 21-session forward log return averaged -0.00 on sessions with close above the upper Bollinger band and -0.02 without it (difference 0.02, Welch t 2.34, p 0.019, n 1774 against 21911; overlapping windows, so p overstates).	no
2026-09-12	hashrate_vs_revenue:log10cross-section	10	0.69	0.47	0.028	Across the 10 miners with both on file, log realized hashrate and log annualized revenue lean together, at a strength that would arise by chance about 3 times in 100 (r 0.69, R squared 0.47, p 0.028, n 10).	no
2026-09-12	indicator:close_over_cloud:5indicator	7,682	-0.00	not computed	0.041	Pooled across 18 miners, the 5-session forward log return averaged -0.01 on sessions with close above the Ichimoku cloud and -0.00 without it (difference -0.00, Welch t -2.04, p 0.041, n 7682 against 15247; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_over_sma50:21indicator	10,017	-0.01	not computed	0.049	Pooled across 18 miners, the 21-session forward log return averaged -0.03 on sessions with close above the 50-session SMA and -0.02 without it (difference -0.01, Welch t -1.96, p 0.049, n 10017 against 13128; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_under_sma50:21indicator	13,128	0.01	not computed	0.049	Pooled across 18 miners, the 21-session forward log return averaged -0.02 on sessions with close below the 50-session SMA and -0.03 without it (difference 0.01, Welch t 1.96, p 0.049, n 13128 against 10017; overlapping windows, so p overstates).	no
2026-09-12	market_cap_vs_ev_per_eh:log10cross-section	6	0.80	0.63	0.058	Across the 6 miners with both on file, log market capitalization and log EV per EH/s show no measurable relation at this sample size (r 0.80, R squared 0.63, p 0.058, n 6). With 6 points one company can move the result.	no
2026-09-12	d_revenue_vs_d_sharestime-series	229	0.11	0.01	0.096	Across the 229 quarter-pairs pooled across companies, quarter-to-quarter log change in revenue and quarter-to-quarter log change in shares outstanding show no measurable relation at this sample size (r 0.11, R squared 0.01, p 0.096, n 229).	no
2026-09-12	indicator:close_over_bb_upper:5indicator	1,779	0.01	not computed	0.104	Pooled across 18 miners, the 5-session forward log return averaged 0.00 on sessions with close above the upper Bollinger band and -0.00 without it (difference 0.01, Welch t 1.63, p 0.104, n 1779 against 22194; overlapping windows, so p overstates).	no
2026-09-12	hashrate_vs_revenue:levelcross-section	10	0.53	0.28	0.112	Across the 10 miners with both on file, realized hashrate and annualized revenue show no measurable relation at this sample size (r 0.53, R squared 0.28, p 0.112, n 10).	no
2026-09-12	indicator:macd_hist_negative:5indicator	10,992	-0.00	not computed	0.156	Pooled across 18 miners, the 5-session forward log return averaged -0.01 on sessions with MACD histogram negative and -0.00 without it (difference -0.00, Welch t -1.42, p 0.156, n 10992 against 12729; overlapping windows, so p overstates).	no
2026-09-12	indicator:macd_hist_positive:5indicator	12,729	0.00	not computed	0.156	Pooled across 18 miners, the 5-session forward log return averaged -0.00 on sessions with MACD histogram positive and -0.01 without it (difference 0.00, Welch t 1.42, p 0.156, n 12729 against 10992; overlapping windows, so p overstates).	no
2026-09-12	btc_held_vs_xbrl_units:levelcross-section	5	0.73	0.53	0.161	Across the 5 miners with both on file, bitcoin held and the XBRL bitcoin count show no measurable relation at this sample size (r 0.73, R squared 0.53, p 0.161, n 5). With 5 points one company can move the result.	no
2026-09-12	market_cap_vs_hashrate:log10cross-section	9	-0.48	0.23	0.189	Across the 9 miners with both on file, log market capitalization and log realized hashrate show no measurable relation at this sample size (r -0.48, R squared 0.23, p 0.189, n 9).	no
2026-09-12	market_cap_vs_ev_per_eh:levelcross-section	6	0.62	0.38	0.190	Across the 6 miners with both on file, market capitalization and EV per EH/s show no measurable relation at this sample size (r 0.62, R squared 0.38, p 0.190, n 6). With 6 points one company can move the result.	no
2026-09-12	efficiency_vs_direct_cost:levelcross-section	6	0.61	0.37	0.199	Across the 6 miners with both on file, fleet efficiency in J/TH and direct cost per bitcoin show no measurable relation at this sample size (r 0.61, R squared 0.37, p 0.199, n 6). With 6 points one company can move the result.	no
2026-09-12	market_cap_vs_hashrate:levelcross-section	9	-0.47	0.22	0.203	Across the 9 miners with both on file, market capitalization and realized hashrate show no measurable relation at this sample size (r -0.47, R squared 0.22, p 0.203, n 9).	no
2026-09-12	hashrate_vs_btc_held:levelcross-section	8	0.47	0.22	0.243	Across the 8 miners with both on file, realized hashrate and bitcoin held show no measurable relation at this sample size (r 0.47, R squared 0.22, p 0.243, n 8).	no
2026-09-12	indicator:close_under_cloud:5indicator	12,232	-0.00	not computed	0.257	Pooled across 18 miners, the 5-session forward log return averaged -0.01 on sessions with close below the Ichimoku cloud and -0.00 without it (difference -0.00, Welch t -1.13, p 0.257, n 12232 against 10697; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_under_cloud:21indicator	11,973	0.00	not computed	0.281	Pooled across 18 miners, the 21-session forward log return averaged -0.02 on sessions with close below the Ichimoku cloud and -0.02 without it (difference 0.00, Welch t 1.08, p 0.281, n 11973 against 10668; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_over_sma50:5indicator	10,043	0.00	not computed	0.301	Pooled across 18 miners, the 5-session forward log return averaged -0.00 on sessions with close above the 50-session SMA and -0.01 without it (difference 0.00, Welch t 1.03, p 0.301, n 10043 against 13390; overlapping windows, so p overstates).	no
2026-09-12	indicator:close_under_sma50:5indicator	13,390	-0.00	not computed	0.301	Pooled across 18 miners, the 5-session forward log return averaged -0.01 on sessions with close below the 50-session SMA and -0.00 without it (difference -0.00, Welch t -1.03, p 0.301, n 13390 against 10043; overlapping windows, so p overstates).	no
2026-09-12	d_btc_value_vs_d_revenuetime-series	81	0.08	0.01	0.455	Across the 81 quarter-pairs pooled across companies, quarter-to-quarter log change in digital assets at fair value and quarter-to-quarter log change in revenue show no measurable relation at this sample size (r 0.08, R squared 0.01, p 0.455, n 81).	no
2026-09-12	hashrate_vs_btc_held:log10cross-section	7	0.32	0.10	0.486	Across the 7 miners with both on file, log realized hashrate and log bitcoin held show no measurable relation at this sample size (r 0.32, R squared 0.10, p 0.486, n 7). With 7 points one company can move the result.	no
2026-09-12	btc_held_vs_xbrl_units:log10cross-section	4	0.50	0.25	0.503	Across the 4 miners with both on file, log bitcoin held and log the XBRL bitcoin count show no measurable relation at this sample size (r 0.50, R squared 0.25, p 0.503, n 4). With 4 points one company can move the result.	no
2026-09-12	market_cap_vs_btc_held:levelcross-section	8	-0.26	0.07	0.538	Across the 8 miners with both on file, market capitalization and bitcoin held show no measurable relation at this sample size (r -0.26, R squared 0.07, p 0.538, n 8).	no
2026-09-12	indicator:rsi_over_70:5indicator	1,449	-0.00	not computed	0.585	Pooled across 18 miners, the 5-session forward log return averaged -0.01 on sessions with RSI(14) over 70 and -0.00 without it (difference -0.00, Welch t -0.55, p 0.585, n 1449 against 22614; overlapping windows, so p overstates).	no
2026-09-12	market_cap_vs_btc_held:log10cross-section	7	0.20	0.04	0.671	Across the 7 miners with both on file, log market capitalization and log bitcoin held show no measurable relation at this sample size (r 0.20, R squared 0.04, p 0.671, n 7). With 7 points one company can move the result.	no
2026-09-12	revenue_per_mw_vs_efficiency:levelcross-section	8	0.13	0.02	0.760	Across the 8 miners with both on file, annualized revenue per MW and fleet efficiency in J/TH show no measurable relation at this sample size (r 0.13, R squared 0.02, p 0.760, n 8).	no
2026-09-12	direct_cost_vs_margin:levelcross-section	4	0.02	0.00	0.977	Across the 4 miners with both on file, direct cost per bitcoin and gross margin show no measurable relation at this sample size (r 0.02, R squared 0.00, p 0.977, n 4). With 4 points one company can move the result.	no
2026-09-12	all_in_cost_vs_margin:levelcross-section	2	not computed	not computed	not computed	all-in cost per bitcoin and gross margin: the 2 miners with both on file are too few for a test.	no
2026-09-12	matrix:minersprice	153	0.49	not computed	not computed	Across 153 miner pairs over the last 365 common sessions, the daily-return correlations run from 0.14 to 0.84 (mean 0.49, n 153 pairs).	no

10 METHOD

METHODOLOGY

What was computed, from which files, under which rules.

Inputs: 39 files under data/, each named with its hash in the document; the research packs of 2026-09-06 (Tier 1) and 2026-09-06 (Tier 2), and each company's XBRL facts read under the period rule on the methodology page.
Sample statistics throughout: the variance divides by n minus 1; the regression has n minus 2 degrees of freedom; p-values are two-sided from the Student t distribution; Spearman's p uses the t approximation on the rank correlation.
A test needs 3 points; under 8 it is shown with the caveat that one company can move it; a size pair is also tested on log10 of both figures, and a non-positive value is dropped and named.
Prices: data/prices_history.json, written by scripts/prices.py, each close tagged with its source; bitcoin for every equity comparison is the 16:00 ET sample on NYSE session dates (spec 5.5). Every indicator is computed on closes, and the site's own indicator code is checked against the job's fixture to four decimals.
The job is site/scripts/analysis.py with returns_study.py, standard library only, run nightly by the analysis workflow; version 8451b1a67fc1 at b36a255. It forecasts nothing and writes no sentence that says what a relation means.