Bitcoin Mining as a Business

Overview: Our analysis shows that increased bitcoin mining equipment eciency has reduced the time it takes to breakeven, even at lower bitcoin prices. Sensitivity to operational conditions such as bitcoin price and electricity cost has been reduced at the cost of increased capital expenditure. Investors should bear in mind that despite the aractiveness of acquiring bitcoin at a cheaper-than-market cost, bitcoin mining has many nuances and is a full-time business. Our discounted cash ow analysis shows that starting a bitcoin mining business may be a lucrative decision at this stage.