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  "documentTitle": "Riot Platforms, Inc. (RIOT)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2024-06-01 00:00:00",
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  "notes": "The table breaks down costs from electricity to total cost per BTC, including SG&A and depreciation.",
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      "text": "Total cost to mine per BTC: $142,178",
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      "text": "Total cost to mine per BTC: $142,178",
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      "text": "Source: Kerrisdale analysis. Assumes network hashrate of 590 EH/s per Hashrateindex.com, 144 blocks per day, 3.25 BTC rewards per block post-halving, an implied 32.8 hours to mine 1 BTC per EH/s, and perfect uptime.",
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      "text": "The analysis above summarizes unit economics on a per bitcoin mined basis for the largest publicly traded miners by using recently provided KPIs for May (the first full month post-halving) and reported 1Q24 cost items.",
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      "text": "Comparison table of RIOT, MARA, CLSK, WULF, CIFR across various cost metrics per BTC.",
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      "kind": "title",
      "text": "Illustrative Post-Halving Bitcoin Mining Unit Economics",
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      "evidence": "The document agitates the problems by highlighting Riot's poor EBITDA profitability, high ATM issuance, and comparison to peers.",
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      "evidence": "The document presents a comparison table illustrating the benchmark gap between Riot and its peers.",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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