Mining workbench
How the arithmetic worksWhat the arithmetic assumes
These are hypothetical calculations from your inputs, not forecasts or price targets. Company presets combine the latest figures on file from different periods; each starting figure links to its dated source. Empty fields stay missing until you supply them.
- Production uses your share of network hashrate, 144 blocks a day and an average month of 365.25 / 12 days. Uptime scales realized hashrate again; it starts at 100 percent. The subsidy halves in the chosen month. Bitcoin price and fees stay fixed; network hashrate compounds by your monthly growth.
- Power drawn in MW is EH/s times J/TH. Facility MW caps the fleet, with existing machines served first. Empty facility power removes that cap. New capacity starts after the installation delay. Equipment is modeled by capacity, efficiency, price per TH and useful life, without assuming manufacturer specifications.
- EBITDA subtracts power, hosting, SG&A and other costs. Changing chief executive pay adjusts SG&A by the difference from proxy total compensation. Adjusted SG&A cannot fall below zero. This is a sensitivity assumption: proxy awards are not necessarily cash paid or the expense recognized in the same fiscal year.
- Method A divides power and hosting by bitcoin mined. Method B adds SG&A, other costs and depreciation. Free cash flow subtracts interest and new equipment and facility spending upfront. Taxes, working capital, maintenance capital and non-mining revenue are excluded. Missing existing-debt interest counts none and is flagged in results.
- At-the-market issuance sells at your share-price input less its discount. Debt adds principal and interest. A convertible assumes full conversion at the premium or remaining debt; its coupon is charged throughout the horizon. There is no conversion date, debt maturity or repayment schedule. Cash on hand raises nothing. Negative cash after spending means an unfunded gap.
- EV per EH/s value uses the fleet once built, less debt plus cash after financing and spending, divided by shares after financing. It does not discount installation delay or add bitcoin holdings separately. Cash-flow value adds bitcoin holdings, cash and discounted operating cash flows, subtracts debt, and divides by shares. Capital spending is deducted once. No terminal or equipment resale value is counted.
- The market-close tile always shows the sourced historical close. Your share-price input changes issuance arithmetic only. Charts and scenarios vary inputs while holding the others fixed; the dilution chart always uses at-the-market issuance. No comparison is a recommendation.
Starting assumptions where no company figure is on file
- Network growth: 0 % a month. Held flat unless you set it: the network's growth is not in the files.
- Uptime: 100 %. Of the realized hashrate, which already carries the company's own downtime.
- Power price: 50 $/MWh. Companies report a cost per bitcoin, not a price per MWh.
- Pool fee: 2 %. Set 0 for a company that runs its own pool.
- Hosted share of the fleet: 0 %. Machines at another company's site, paying its price.
- Hosting price: 70 $/MWh. All-in, power included.
- Other costs a year: 0 $M. Anything the lines above leave out.
- New capacity: 0 EH/s. None unless you add it.
- Machines' price: 15 $/TH. A round price per terahash; set the one you know.
- Build price per MW: 0.5 $M. Power built beyond what is energized today.
- Months to install and energize: 6 months. The new machines hash from the month after.
- Machines' life: 3 years. New machines depreciate evenly over it.
- Amount to raise: 0 $M. None unless you raise it.
- Discount to the close: 3 %. What the sale gives up to the close, fees included.
- Coupon: 2 % a year. The note's interest.
- Conversion premium: 30 %. Over the close.
- Interest rate: 10 % a year. On the new debt.
- Discount rate: 12 % a year. What a dollar a year out is worth today.
- Horizon: 36 months. Nothing after it is counted.