Investors assess the long-term value of cryptocurrency mining companies; don’t just focus on Bitcoin prices! You need to check several key points like an experienced traditional Chinese medicine doctor taking a pulse.
1. Cost Moat: Is the electricity really cheap? Is the mining machine's efficiency (e.g., power consumption per T of computing power) top-notch in the industry? Poor cost control will reveal itself as soon as the price drops.
2. Business Resilience: Companies that diversify like BTBT (custody, staking, AI computing power) are more favored. Pure mining? Market fluctuations can really shake you apart.
3. Financial Strength: Look at cash flow and liabilities! Companies that have money to stockpile mining machines, withstand bear markets, and also invest in new businesses are the ones that survive longer.
4. Team Reliability: Is the management making decisions quickly? Are technology upgrades timely? Did they deliver on past promises? (For example, BTBT's transformation was quite decisive.)
5. Industry Trends: Regulatory Trends (such as US ETF inflows), changes in earnings after halving, new energy policies... These 'weather forecasts' determine whether the industry soil is fertile.
Summary: Don’t bet on short-term price fluctuations! Focus on finding 'low cost + stable business + sufficient cash' hexagonal warriors to navigate through bull and bear markets.