Mechanical Technology: The Best Bitcoin Mining Investment
Highlights
MKTY trades at a significant discount to every public cryptocurrency mining peer I have evaluated based on expected earnings growth and capacity.
MKTY has best-in-class power costs and uses green energy.
The recent announcement of a merger with Soluna Computing provides MKTY with a top-tier pipeline among public miners.
There are profitable pivots MKTY can make away from mining if we enter another crypto winter.
Brief Commentary
Mechanical Technology (MKTY) was founded in 1961 as a developer and manufacturer of energy-efficient rotating machinery and instrumentation. In 2016, Brookstone Partners purchased ~39% of the common shares and Brookstone’s founder (Michael Toporek) subsequently assumed the role of CEO. In 2020, MKTY started EcoChain to develop a network of cryptocurrency mining operations powered 100% by renewable energy. In Aug-21, MKTY announced they were acquiring Soluna Computing to further augment their mining efforts.
MKTY is successfully building a “green” cryptocurrency mining business that is significantly undervalued based upon fundamental analysis and peer comparisons. MKTY growth will be visible as they continue releasing monthly site-level financials, providing an imminent catalyst for the market to recognize their growth.
MKTY has best-in-class power costs, a significantly lower valuation than any publicly traded mining peers, and was perfectly positioned for China unplugging. There are imminent catalysts – 50MW of capacity already secured and currently being brought online. MKTY is also an inspiring ESG story – enabling grid operators to add renewable power to their mix more effectively. All these factors make MKTY an asymmetric investment at the intersection of green energy, digital cryptocurrencies, and computing.
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