Riot Blockchain is moving to a vertically integrated housing and power infrastructure. Rival Marathon Digital is employing an asset light strategy focused on mining rig quantity.
Power supplies rather than mining rig contracts now create the primary gate to hash rate expansion among the Bitcoin miners.
From a power supply perspective, Riot deserves a higher valuation than Marathon in expected future hash rate to market cap models.
Using the asset light strategy, Marathon can theoretically deploy more mining rigs and at similar ongoing costs to a vertically integrated operation.
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