Yeah, certainly! DC companies have predictable cash flows & earnings. If growth is there, multiples get very high.

$BTC miners are indeed commodity based & thus multiples are likely lower. How much lower? We don’t really know. Historically speaking, $BTC miners haven’t been profitable yet. 

Most public miners started in 20/21 right at the peak of the mining bubble, which resulted in increasing hash rate during a $BTC bear market. Since then, none have been very profitable. 

However, $IREN will undoubtably buck the trend with its superior operating ability & high margins. Net income will look stellar this year. Even during a bear, I doubt they’ll be unprofitable. 

Imo, if consistent earnings growth is there, their $BTC mining segment will command a higher multiple, probably exceeding a PE of 20. 

But I certainly agree, the predictability of colocation   agreements naturally commands a higher premium.
#BTC #BTC