Analysis: the figures on file tested in pairs across the miners, and each figure's spread across them

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).

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).

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).

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).

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).

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).

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).

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).

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).

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).