Q: Hi there,
I'm hoping I5 can convince me not to buy Hashchain Technology Inc.
Looking at the companies April 25th release it states that they were able to mine 27.92 bitcoin with 770 rigs in a 38 day period. With these metrics and a bitcoin price of say 12k, I calculate annual sales of just about 3 million. Then if i Increase the rigs to 9,870 which the company is expected to operate by the end of June, I calculate annual sales of just under 40 million.
With a current market cap in the 26 million range is this stock worth keeping an eye on? Does it have a chance at being profitable if cryptocurrencies manage to remain at current levels or even grind higher?
What attracts me to cryptocurrency mining is that the business model seems so simple...buying mining rigs and plugging them in... is there more to it then that?
Thanks,
Joel
I'm hoping I5 can convince me not to buy Hashchain Technology Inc.
Looking at the companies April 25th release it states that they were able to mine 27.92 bitcoin with 770 rigs in a 38 day period. With these metrics and a bitcoin price of say 12k, I calculate annual sales of just about 3 million. Then if i Increase the rigs to 9,870 which the company is expected to operate by the end of June, I calculate annual sales of just under 40 million.
With a current market cap in the 26 million range is this stock worth keeping an eye on? Does it have a chance at being profitable if cryptocurrencies manage to remain at current levels or even grind higher?
What attracts me to cryptocurrency mining is that the business model seems so simple...buying mining rigs and plugging them in... is there more to it then that?
Thanks,
Joel
