Aug. 23 at 12:11 AM
$ZNB
Bitcoin Mining Best-Case Snapshot
🔹 Bitcoin Mining Announcement (May 29, 2025)
Deployed 10,000 Antminer T21 rigs in Kazakhstan.
First month: ~29 BTC mined.
Source: GlobeNewswire, Nasdaq.
🔹 Hardware Value
10,000 rigs × ~
$2,200 ≈
$22M gross hardware value.
BUT → financed with
$31.6M secured loan (Form 424B5, Aug 14, 2025).
🔹 Mining Revenue (BTC
$115K)
29 BTC/month ×
$115K =
$3.3M/month → ~
$40M/year.
Estimated costs (power + hosting + ops + debt): 70% (
$28M/year).
Net profit ≈
$12M/year.
🔹 Valuation (Best Case)
With
$12M annual profit, even a low P/E (2–3x) =
$24M–
$36M fair market cap.
Today’s market cap: ~
$1M.
Upside potential: 20x–30x if BTC stays >
$100K and mining remains stable.
⚠️ Risks
Debt financing:
$31.6M loan secured against equipment.
Constant dilution via offerings.
BTC difficulty or price drop (<
$80K) → operations likely unprofitable.