Crypto mining is a new industry. The companies are young and will head into different direction most lost money so the real comp for us is Market Capitalization. Most are debt free as it is an easy period for then to raise money. Because it is easy to raise money, we consider the number of shares outstanding. We recognize most have or will raise money through secondary offerings and convertible debt offerings. This meant as a tool to watch and see how these companies evolve.
As different metrics evolve with maturity or the business models for each company, we will add metrics as they become relevant.
Have a great weekend! Tom
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Thanks Tom for all your articles