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  "documentTitle": "Riot Platforms, Inc. (RIOT)",
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  "presentationDate": "2024-06-01 00:00:00",
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  "notes": "The slide serves as a bridge between qualitative critique of industry management practices and quantitative analysis of unit economics.",
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      "text": "Low cost is not the same as easy access.",
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      "text": "equity cost of capital: 19%",
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      "text": "73% of revenue for Riot last quarter). Stock-based compensation in particular for Riot is a considerable expense... Below we walk through our analysis of unit economics for the largest public miners by market capitalization immediately post-halving.",
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      "text": "When the CFO of the largest miner by market capitalization, Marathon Digital, was asked point blank by a retail investor on the last quarterly call about the company's current breakeven price for bitcoin, the executive gave a vague, rambling response which did not answer this basic question.",
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