TEEKA’S TOP SIX SUPER HALVING PLAYS

By Teeka Tiwari

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 TEEKA’S TOP SIX SUPER HALVING PLAYS
By Teeka Tiwari
It’s one of the basic laws of economics. Yet, it’s
also one of the most profitable…
I’m talking about the law of supply and demand.
Put simply, if supply decreases while demand
simultaneously increases… prices have nowhere
to go but up. It’s Economics 101.
Think about the big supply shocks we’ve seen
over the years:
• In 1979, people thought we were going to
run out of silver due to higher inflation.
Silver prices ran from as low as $4 per
ounce to as high as $49. You could have
made as much as 13,025% on certain silver
mining stocks from the surge in demand.
• In 2008, we saw a mild oil shock.
Geopolitical instability in the Middle East
and the aftereffects of Hurricane Katrina
led to worries over shrinking petroleum
reserves. Had you invested in oil drillers
during this time, you could have made as
much as 1,272%.
• In 2011, China decreased its rare earths
exports. These are small minerals that go in
electronic devices. China has a stranglehold
on this market… and it did some mild
hoarding, cutting just 19% of its supply. In a
year, you could have made gains like 979%
on gadolinium and 1,209% on holmium.
In each of these cases, we saw unprecedented cuts
in supply meeting unprecedented demand.
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But those gains are nothing compared to the
supply crunches we’ve seen in the crypto space.
The most well-known example is the bitcoin
halving.
If you’re not familiar with the halving, it’s when
the supply of new bitcoin is cut in half every four
years. It’s preprogrammed in bitcoin’s code.
But here’s the important thing you need to know
about bitcoin halvings: You have to position
yourself before they start. That’s how you profit
from the explosive surge in price, fueled by
reduced supply and increased demand.
My subscribers who positioned themselves before
the 2016 bitcoin halving saw the chance to make
gains as high as 14,619% and 26,977%. And those
who got in before the 2020 halving saw some of
my picks soar as high as 2,950% and 5,121%.
Even after bitcoin’s 2020 halving, my team found
six altcoins (coins other than bitcoin) with similar
halvings embedded in their codes. They’re up
over an average of 1,000% since we added them
to our portfolio in November 2020.
If you didn’t position yourself before those
halvings… I have some bad news for you. It’s too
late to make life-changing gains from them.
But the good news is I’ve found a once-in-a-
lifetime event happening in the crypto market
that’ll be bigger than all the other halvings
combined.
I call this event the “Super Halving.”
 Let me explain what I mean by that…
There can never be more than 21 million bitcoins
in existence. Their issuance is strictly regulated
by computer code. However, the rate of issuance
is cut in half every four years until the last bitcoin
is mined in 2140.
The first halving in 2012 reduced the amount of
bitcoin produced every day from 7,200 to 3,600.
The second in 2016 dropped it from 3,600 to
1,800. And the most recent halving in 2020 cut it
from 1,800 down to 900.
That’s where we are today.
But this Super Halving I’ve discovered – and
that I believe will go into effect in 2021 – will be
different.
It’s not tied to bitcoin’s code. And it’s not going to
reduce supply to 450. In fact, I believe it’ll knock
supply all the way down to zero.
The implications of this are critical. It means very
soon, there will be zero new bitcoins available
for purchase.
And once that happens, you can imagine what
will happen to the price of bitcoin. Already,
institutions have started buying up as much
bitcoin as they can get their hands on. Once no
new coins are coming to market, where do you
think that’ll send prices?
That’s the opportunity in front of us today.
But just like previous halvings, the best gains to
be made aren’t in bitcoin itself… It’s already at a
$1 trillion-plus market cap. It just can’t make the
same extreme moves it did in its early days.
The best potential gains from here are in the
small projects tied to bitcoin that still have a
massive runway ahead.
In this special report, I’ll reveal six small crypto-
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themed investments I believe will skyrocket as
the Super Halving kicks in this year.
I’ve never published a word about these special
recommendations before. I haven’t mentioned
them in any of my research services… video
updates… or articles.
This is the first – and only time – I’m making
them available.
Friends, this is a once-in-a-lifetime opportunity
in front of you. And as a Palm Beach Infinity
member, you have exclusive access to these ideas.
Before I get to them, let me explain what a Super
Halving is. Because when it’s over, it’ll be gone
for good.
Secret Halvings
For five years now, I’ve probably talked about
crypto halvings more than anyone in the
newsletter business. And thanks to those halvings,
I’ve arguably helped more people become
millionaires than anyone else in this industry.
So you can see, halvings are important events
with the potential to change your financial life.
But not every halving is known.
There are what I call “secret” halvings.
If you watch the news, you haven’t heard a word
about these secret halvings. The mainstream
financial media has not picked up on them.
That’s because they’re not in the room with
crypto founders like I am. They don’t have
phone numbers of dozens of the top crypto and
blockchain venture capitalists on speed dial like I
do.
They’re not meeting with developers… They’re
not getting pitched to join the boards of
blockchain startups. They have no idea what’s
truly going on in this space.
 What they’re missing is this: The biggest “halving”
of all is about to happen. And it all has to do with
some shocking evidence I’ve uncovered.
I predict bitcoin will reach $500,000 within the
next five years. And when it does, we’ll trace it
back to this Super Halving.
Let me be clear… The Super Halving is not a
pre-programmed, one-day supply drop like we’ve
seen in the past. It’s unlike anything we’ve seen
before. It has nothing to do with bitcoin’s code.
Instead, it all has to do with bitcoin miners.
Miners are the people providing the computing
power necessary to run the bitcoin blockchain.
They solve complex equations to verify
transactions and keep the network humming
along. To incentivize them to do this, the network
rewards them with new bitcoin each day.
Since May of last year, the bitcoin code issues
900 new bitcoins per day. This goes directly to
miners. At current prices, that’s the chance to
earn around $50 million worth of new bitcoin
every day.
Not bad for a day’s work. But there’s one
problem…
Historically, bitcoin miners haven’t been able to
hold the bitcoin they mine. They’ve had no choice
but to sell it to fund their operations.
Think about it. Ever since bitcoin’s been around,
it’s been plagued with negative connotations
to the drug market, pornography, and money
laundering. That made it taboo for the
gatekeepers of traditional finance to touch.
So bitcoin miners haven’t had access to
traditional sources of capital.
But we’ve seen major adoption take off in the
crypto market over the past few years. And huge
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players like Morgan Stanley, Goldman Sachs, and
MassMutual are taking notice.
One after another, these big institutions are now
coming into crypto. And that means now, for the
first time ever, miners can raise money through
the capital markets – through issuing shares
(equity) or bonds (debt).
We’re moving to a world where bitcoin miners
will no longer have to sell their bitcoin to fund
their operations. And that’s going to change
everything.
This is a fundamental shift the
mainstream press is missing…
Let me give you an example of this trend…
Cipher Mining Technologies is a little-known
company that’s been mining bitcoin for years. But
it had to sell its bitcoin because nobody would
give it funding.
Recently, Fidelity and Morgan Stanley plowed
$425 million into this project.
Do you think they’ll ever have to sell their bitcoin
again just to keep the processors running… now
that they’re sitting on $425 million in cash?
The value of that cash isn’t going to budge. If
anything, it’ll go down. But the value of the
bitcoin they’re mining… over time it’ll only
continue to rise. So you can see which one they’re
more likely to part with now that they have the
option.
When I saw this, I realized we’d entered a new
phase in the crypto market. Going forward, the
game will completely change. Miners will start
tapping public markets for capital. And they’re
never going to sell their bitcoin again.
2021 may be the last year anyone is able to ever
buy a newly mined bitcoin again.
 This year, crypto companies Net Change in Miner’s Bitcoin Holdings
have already raised 10 times 8
more capital than all of last Over the past month, bitcoin miners

Daily Change in Miner Holdings (in Thousands)

year. So miners don’t have to have begun holding their mined 6
sell all their bitcoin anymore. bitcoins, rather than selling them
They can hoard it. 4

And they’ve already started 2

doing just that…
• One miner recently
launched what it’s
calling a bitcoin
“retention program.”
Under this program,
for the first time, it’s
Feb 8 Feb 22
no longer selling all the
bitcoin it earns.
• Another miner launched a program of its
own. It plans to add millions of dollars’
worth of bitcoin every week.
• A third just increased its hoard by 76%.
Take a look at the chart on the right. You can
see over the past month, the net position change
among all bitcoin miners has firmly swung into
an accumulation stage (the green bars). They’re
holding thousands more coins daily.
This is opposed to the red lines earlier in the year,
which signal the net selling of coins miners were
doing.
We’re seeing this trend pick up across the board.
And it’s not just bitcoin miners who are hoarding.
According to a November 2020 report by Pantera
Capital, payment platforms Square and PayPal
alone are buying up 100% of all newly created
bitcoin.
But the demand is just continuing to grow.
Multiple bitcoin exchange-traded funds (ETFs)
have launched in Canada. And federal regulators
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-4
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Mar 8 Mar 22 Apr 5 Apr 19 May 3
Source: Glassnode
are reviewing at least nine proposed ETFs in the
United States as early as June.
BlackRock just approved bitcoin trading. And
Fidelity’s rolling out bitcoin for its institutional
clients.
And on top of that, an entirely new source of
demand is coming from credit card companies.
Both Visa and Mastercard plan to launch bitcoin
rewards cards this year.
By 2025, credit cards will process $45 trillion
in transactions per year. Now, imagine even
10% of those transactions involve a bitcoin
reward system. That would mean those credit
card companies would have to give 2% of every
purchase in bitcoin to give people as a reward. 2%
of $45 trillion is $900 billion per year.
Can you see where this is going?
All of this demand doesn’t even account for lost
bitcoin. According to one study, nearly 20% of
bitcoin is unrecoverable because owners have lost
their private keys or access to their hard wallets.
These bitcoins will never go back into circulation.

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 Tell me… These are projects that won’t have to sell their
bitcoin. So we’ll see their balance sheets balloon
What happens to bitcoin’s price when miners are as the price of bitcoin soars.
hoarding it… companies are adding bucketloads
of it to their treasuries… payment companies are It could take six months… three months… two
buying nearly 100% of newly minted coins… and months… or even less for this Super Halving to
credit card companies are paying out $900 billion kick in. So the time to act is now.
a year in bitcoin rewards?
Friends, you need to get ahead of this event. The
It shoots through the roof. difference between getting in before a phenome-
non like this versus after is night and day.
And more importantly, what does that do to the
price of the small plays attached to bitcoin and When this happens, it’s going to hit the crypto
bitcoin mining, in particular? They could go up market like a lightning strike. You must take
50x or more. action now or run the risk of getting left behind.

Here’s What I See Ahead
I predict very soon, we won’t see any new
bitcoin come to the market. All 900 coins will
be hoarded... never to be brought to the public
markets.
If you miss out on this once-in-a-lifetime event,
you could end up regretting it for the rest of your
life.
So let’s get to them…

And based on my research, it’ll send bitcoin to at
least $500,000 within the next five years.
Meanwhile, the companies that are responsible
for mining this new bitcoin will become extremely
hot commodities.
My team and I have spent months diving into the
financials of public and private miners to uncover
those that have raised enough money to cover
their mining costs.
And in this special report, we’ve found the top
five miners we believe will skyrocket due to the
Super Halving... plus one company that will act as
an onramp to anyone looking to buy crypto in this
high-demand environment.
We selected them for very specific reasons.
They’re directly connected to this Super Halving.
They’re almost completely unknown. And they
have the potential to see altcoin crypto-like
moves of 25x, 50x, maybe more.
Note: We’ve listed the investments in this
report in alphabetical order, not necessarily
the order we suggest you purchase them. As
always, use small, uniform position sizes to
create a basket of these miners in your crypto
portfolio. Using this asymmetric betting
style, you can set yourself up for outsized
gains without taking outsized risks.
MY TOP SIX SUPER HALVING PLAYS
Super Halving Play No. 1
The first pick in our Super Halving portfolio is
Bit Digital (BTBT).
Bit Digital is relatively new to the mining
industry. The company started setting up its
mining operation in New York in February 2020.
Before that, it began as a Chinese company. In
recent years, however, Chinese authorities have
used their regulatory powers to drive out bitcoin
miners.

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 For example, in 2019, China ordered local
authorities to shut down mining operations,
although it didn’t set a deadline to do so. And in
2021, regulators banned all crypto miners within
the Inner Mongolia region of the country.
Miners are still operating in China, but they’re in
a precarious position.
So Bit Digital smartly moved its operations to the
United States where the regulatory environment
is friendlier than China.
Since then, it’s focused aggressively on growth
and rapidly expanding its operations. It’s set itself
on a path to become one of the most efficient
miners in the world. And it’s ramping up capacity
as quickly as possible to get there by increasing
its hash rate.
Let me explain what that is…
Miners need to solve complex math problems to
win the right to mine the next block. That’s how
they earn their bitcoin reward.
To solve these problems, each mining machine
makes millions of guesses per second. This
requires a lot of power. That power is called the
“hash rate.”
It’s simply the measuring unit of the processing
power of the bitcoin network. And it refers to the
number of calculations per second bitcoin miners
are making to solve those complex math problems.
A higher hash rate means higher processing
power for the network, which creates greater
security. Right now, the entire bitcoin network
is near an all-time high total hash rate of 189
exahashes per second, or EH/s. (An exahash is
1 quintillion hashes.) That means the network is
more secure now than ever.
As of this publication, Bit Digital operates 45,736
mining rigs, which amounts to a total production
capacity of 2.5 EH/s. It may seem like a small
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percentage of the total hash rate, but that’s the
highest current rate out of any publicly traded
miner.
We believe Bit Digital’s business should flourish
in the U.S. And the company has already taken
many steps to acclimate to its new environment.
Last year, it replaced the CEO and chief strategy
officer with two U.S.-based executives. Each has
20 years of experience in the fintech and financial
services industries.
Since relocating headquarters to New York, it’s
also opened facilities in Texas and Nebraska.
Even though it was expensive for Bit Digital to
move its mining rigs to the U.S., it’s still growing
in size. In the first quarter of 2021, it added over
4,700 mining rigs to its capacity, which boosted
its hash rate by 0.3 EH/s.
This allows the company to mine more bitcoins,
and that’s exactly what we’re looking for.
Hoarding Bitcoin
Bit Digital is also prioritizing holding its mined
bitcoin on its balance sheet.
In 2020, it mined 1,510 BTC. It sold 1,242 to fund
operations, which left 268 BTC on its books – or
about 17% of its bitcoin reward.
Since then, bitcoin has exploded by as much as
500% in price. And the company changed its
strategy to hold more of it.
Bit Digital has provided January and February
data for its operations. And from just those two
months, we can see a dramatic shift in its bitcoin
hoarding.
The company mined 757 BTC – and sold just 357
of them – in the first two months of 2021. So Bit
Digital held 53% of its mined bitcoin – 3x more
than last year.
 New York’s Proposed Bill to Halt Mining

We’ve heard a lot of chatter about crypto’s energy consumption lately. Specifically, how much
energy it takes to mine bitcoin and how much carbon mining machines emit.

A new bill was recently proposed to New York’s Environmental Conservation committee in early
May to address this. If passed, it would place a three-year moratorium on mining, pending an
environmental review by the state.

The good news is this bill is still in its infancy. It will likely be a while before it’s debated in the
legislature. Another point to note is this bill specifically targets gas-powered mining operations.

So, will this impact our Super Halving plays based in New York?

Well, Bit Digital, while headquartered in New York, doesn’t actively mine in the state... Making it
immune from such legislation.

As for the other two miners in this report that operate out of New York, we believe they’ll be able
to withstand and overcome the bill if it does pass – which again, is no guarantee at this point.

One of the selection criteria during our research for these mining companies was a focus on
renewable energy. Not only does that make them more profitable by reducing energy costs, it also
makes them much less likely to be negatively impacted by such legislation.

In the writeups below, we’ll explain exactly how these two are emphasizing renewable energy.

Thanks to their foresight, we believe they’ll pass any environmental reviews and remain strong
investments despite any future proposals.

Plus, Bit Digital entered into an $80 million As bitcoin’s price continues to rise, and Bit Digital
private equity line facility from an institutional begins drawing on its credit line, we expect the
investor. It has yet to fully draw on this funding. miner to hoard even more of its bitcoin.
So it has plenty of breathing room to fund
operations without spending any of its mined What’s It Worth?
bitcoin.
Bit Digital has yet to provide an outlook on its
In 2020, Bit Digital spent $4.5 million on potential future hash rate.
capital expenditures... including building out
However, at its current 2.6 EH/s hash rate... we
its production capacity, maintaining equipment
believe it has tremendous growth potential.
health, and moving miners to the U.S.
Based on our research, Bit Digital should mine at
With the $80 million equity line of credit, the
least 4,024 BTC in 2022. (This is a conservative
company now has six-plus years of spending
projection, as the company mined 1,013 BTC
runway... even if it doubles or triples its capital
in just the first quarter of 2021, and it’s already
expenditures as it grows.
ramping up its hash rate.)

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 If Bit Digital keeps the same 53% of its mined
bitcoin next year as it did in Q1 this year, it would
have more than 2,132 bitcoin on its books. At
$60,000 apiece, this bitcoin alone would be
worth nearly $128 million.
Please note: We calculated the numbers below
and in the rest of this report based on a BTC price
of $60,000. Since our initial research, BTC has
dipped slightly. But we believe it’ll be back up
to – and surpassing – its recent highs soon. In
the meantime, that means the potential gains are
even higher than we anticipate. So these plays are
especially compelling at current crypto prices.
To find Bit Digital’s valuation, my analyst team
ran a variety of scenarios involving different
bitcoin price projections ($100,000; $200,000;
and $500,000) and company strategies. (We’ll
use the same model for all five mining plays.)
My team also calculated how much Bit Digital
would profit if it sold some of its bitcoin to cover
its operating expenses.
This profit represents the value of the bitcoin Bit
Digital is holding on its books. When added to
existing equity… we can forecast the future book
value of the company.
[The book value of a company is the assets on its
books minus liabilities.]
For this valuation, we’ll assume Bit Digital
maintains its current price-to-book (P/B)
multiple of 13.1. Currently, it trades at $10.45.
Here’s what its price would be under our three
scenarios:
• At $100,000 per bitcoin, BTBT would be
$108.97 – a 943% increase from today’s
prices.
• At $200,000 per bitcoin, BTBT would be
$217.83 – a 1,984% increase from today’s
prices.
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• At $500,000 per bitcoin, BTBT would be
$544.40 – a 5,110% increase from today’s
prices.
Under the blue-sky $500,000 scenario, you’d see
every $1,000 turn into $52,100.
Bit Digital boasts the highest hash rate of any
publicly traded miner. And it’s already been
expanding to boost it further in the first few
months of this year.
Now that it can draw on funds from traditional
sources, Bit Digital will have even more incentive
to hold as much of its mined bitcoin as it can –
without having to sacrifice on growth.
This will boost the value of the company’s
balance sheet as bitcoin rises in price. And as the
amount of bitcoin in the market dwindles and the
Super Halving kicks in, we expect to see shares
skyrocket.
Opportunities like this show how it’s possible to
make crypto-like gains from small, crypto-related
stocks. And the time to get in is now.
Action to Take: Buy Bit Digital (BTBT).
Buy-up-to Price: $22
Stop Loss: None
Position Size: $200–500 for smaller investors,
$500–1,000 for larger investors
Super Halving Play No. 2
The next pick in our Super Halving portfolio is
Bitfarms (BFARF).
Bitfarms runs a vertically integrated mining
operation in Canada. That means it houses and
maintains every aspect of a successful operation
under one roof.
Bitfarms owns computing infrastructure and
monitors machine performance at its facilities. It
also has on-staff electricians to repair equipment.
 By operating its business without relying
on third-party contractors, production is
more effective and cost-efficient than many
competitors.
Bitfarms operates five industrial-scale facilities in
Quebec. It’s prime real estate to take advantage of
the natural resources in the area.
Quebec is famous for its lakes and rivers. More
than 40% of Canada’s water resources are located
in the province. And that means easy access to
hydropower.
Hydro-Quebec is a public utility in the area
that operates 63 hydroelectric power stations.
Bitfarms has secured long-term partnerships with
the utility to provide cheap, renewable energy for
its mining facilities.
This partnership has helped Bitfarms reduce its
cost of mining from $7,500 per token at the start
of last year to its current cost of $5,600.
Bitfarms has a current production capacity of 1.4
EH/s. That’s third-best among all publicly traded
bitcoin miners. And it’s determined to increase
that rate.
The company recently struck a deal with MicroBT
for 48,000 mining rigs delivered through the end
of next year.
It also recently started renovating its Cowansville
mining facility, the smallest among its five.
Expanding that facility will support an additional
20,000 mining rigs.
All this growth leads Bitfarms to project an
estimated capacity of 3 EH/s by the end of this
year. And by the end of next year, its capacity
should reach over 8 EH/s. That’ll equal about 5%
of global production by that time.
On May 7, the Nasdaq approved its application to
uplist from the smaller over-the-counter (OTC)
market to the Nasdaq Stock Exchange.
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It’s working on final requirements and
confirmations. It hasn’t announced its first
day yet, but Bitfarms should start trading on
the world’s second largest stock exchange by
market cap soon. At that point, its ticker symbol
will change to BITF. This is the symbol we’ll be
tracking in our model portfolio.
Bitfarms joins Marathon Digital and Riot
Blockchain, the only two other bitcoin miners on
the exchange (and two of our six Super Halving
plays). Both have seen their popularity skyrocket.
A Nasdaq uplisting is a huge milestone for
Bitfarms…
First, it gives the company increased exposure
to institutions and retail investors. And second,
it attracts the Big Money, including capital from
mutual funds, ETFs, pensions, endowment, and
insurance companies.
Institutions typically have limits excluding them
from investing in smaller companies or over-the-
counter exchanges. The Nasdaq is a much bigger
stage. And we expect the uplifting to light a fire
under Bitfarms’ stock.
Hoarding Bitcoin
Bitfarms has been a trailblazer among miners
when it comes to retaining its mined bitcoin.
It was one of the first miners to launch a formal
bitcoin retention program. Under the program,
the company will always hold a portion of its
bitcoins mined within its reserves.
Currently, Bitfarms mines around 9.5 bitcoins per
day (about $532,000 at current prices). And it
stores 7.5 of them, or 79%. However, that number
will continue to grow as it ramps up its mining rig
count. As that number rises, the company plans
to hoard more bitcoin in proportion to that.
At the moment, Bitfarms has over 650 bitcoins
($39 million worth) in reserves.
 The company expects this to grow to 1,000
bitcoins by the middle of June – or about $60
million at current prices.
At this pace, over the next three years, Bitfarms
will accumulate over 5,400 BTC in its reserves.
And once bitcoin reaches our target price of
$500,000, Bitfarms’ reserves would be worth
$2.7 billion.
What’s It Worth?
To value Bitfarms, we used the same valuation
method we used for Bit Digital.
If Bitfarms can raise its capacity of 3 EH/s (and
global hash rates increase at their current clip), it
can mine 4,697 bitcoins annually.
Let’s say bitcoin remains static at $60,000.
In this scenario, $93 would be a fair value for
Bitfarms shares. That’s a 1,594% jump from
today’s prices.
• At $100,000 per bitcoin, BFARF would be
$159.68 – a 2,809% increase from today’s
prices.
• At $200,000 per bitcoin, BFARF would be
$326.38 – a 5,845% increase from today’s
prices.
• And at $500,000 per bitcoin, BFARF
would be $826.48, a 14,954% increase
from today’s prices.
Under the blue-sky $500,000 scenario, you’d see
every $1,000 turn into $150,540.
This is an exciting time for Bitfarms. After getting
approval from the Nasdaq, it’s quickly on its way
to start trading on the exchange.
Plus, it’s also actively engaged in acquiring
The increased visibility and access to institutional
renewable energy certificates. Not only does
investments should take shares much higher from
this cut costs, but it helps Digihost avoid getting
here. We have the rare chance to get in before its
targeted by a potential ban on miners in New York
first day of trading.
on the grounds of extreme energy consumption.
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So let’s not wait another minute. Bitfarms has
already proved it knows the value of keeping its
mined bitcoin on its balance sheets. And once its
hash rate increases and the Super Halving cuts
supply, this stock may never be this cheap again.
Action to Take: Buy Bitfarms (BFARF).
Buy-up-to Price: $10
Stop Loss: None
Position Size: $200–500 for smaller investors,
$500–1,000 for larger investors
Super Halving Play No. 3
Our third pick to play the Super Halving is
Digihost Technologies (HSSHF).
Digihost is a small, up-and-coming bitcoin miner
that has tremendous potential to grow quickly.
The company operates out of a data center in
Buffalo, New York. Currently, it houses 11,500
mining rigs that produce a hash rate of 0.2 EH/s.
As a new miner, its production capacity isn’t
as high as the more seasoned players in this
space (and in this report). However, Digihost
is aggressively expanding capacity. And our
opportunity today is to get into this smaller
player on the ground floor – before growth and
demand put it on the mainstream’s radar.
In March, Digihost purchased a 60-megawatt
power plant in New York. The company can now
generate its own power, which will significantly
reduce electricity costs.
In fact, it estimates it’ll be able to generate power
at a cost of $0.03 kilowatts per hour (kW/h). For
perspective, the average industrial customer in
the U.S. pays $0.06 kW/h – double what Digihost
is paying.
 In addition, Digihost recently purchased 700
new Bitmain mining rigs. (Bitmain is the world’s
largest designer of mining-specific ASIC chips.)
It’s all part of the company’s near-term goal to fill
its New York data center to full capacity.
At full capacity, its data center can hold over
29,000 mining machines. The company estimates
that would be enough to bring total production
capacity to 3 EH/s. That would instantly propel
Digihost into the top tier of bitcoin miners.
Thanks to Wall Street finally embracing bitcoin
as an asset, Digihost has taken advantage of
the capital flowing into bitcoin miners. So far
in 2021 alone, the company has raised $44
million through private placement deals with
institutional investors.
This gives Digihost a long runway to pay for
growth and improve its business. In fact, it
recently paid down all $3.9 million of debt held
on its balance sheet. It’s now a lean machine,
ready for its next stages with plenty of cash on
hand.
Hoarding Bitcoin
With its recent capital raise, Digihost can now
comfortably operate its business without selling
any of its mined bitcoin.
From the start of this year through the end of
April, the company has mined 142.8 BTC. And it’s
been able to store its BTC without any pressure to
sell them to raise cash.
As of now, it holds a total of 309 BTC in its
reserves at a current value of $17 million.
Digihost is on pace to mine an additional 300
BTC by the end of 2021, which would bring its
total holdings to 609 BTC, or $33.5 million.
As Digihost continues to expand, and successfully
reaches its short-term hash rate goal of 3 EH/s,
we project it can mine 4,700 BTC annually.
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That’s enough to add $285 million to its books at
current prices.
Not bad for a small miner that’s just lifting off.
What’s It Worth?
Because it’s still a relatively young miner, Digihost
has yet to provide a time frame to reach its goal of
3 EH/s. So for the purposes of our valuation, we’ll
rely on a forecasted mined bitcoin amount.
Based on our calculations, if Digihost maintains
its pace of 37.5 BTC per month, the company will
end 2021 with 447 mined BTC. At current bitcoin
prices, that’s about $26.8 million in revenue.
We’ll use the same P/B valuation method we’ve
used for our other miners.
Should bitcoin stay at $60,000, Digihost’s fair
value would be $5.09, a 394% increase from
today’s trading price.
• At $100,000 per bitcoin, HSSHF would be
$8.01 – a 678% increase from today’s price.
• At $200,000 per bitcoin, HSSHF would be
$15.33 – a 1,388% increase from today’s
price.
• And at $500,000 per bitcoin, HSSHF
would be $37.26 – a 3,518% increase from
today’s price.
Under the blue-sky $500,000 scenario, you’d see
every $1,000 turn into $36,180.
These are great forecasts, but they mostly rely on
bitcoin’s price soaring due to the Super Halving.
Ultimately, we believe these numbers could
potentially undershoot Digihost’s near-term
potential. Given how quickly the company is
building itself into a serious player in the mining
space, that means a huge boost from its current
humble beginnings.
 Digihost is a less-established and little-known
miner right now. But we believe it has what it
takes to become one of the biggest producers out
there. Getting in this company now will allow us
to be in the perfect position to ride its exponential
growth higher.
Action to Take: Buy Digihost Technologies
(HSSHF).
Buy-up-to Price: $3
Stop Loss: None
Position Size: $200–500 for smaller investors,
$500–1,000 for larger investors
Super Halving Play No. 4
Next up is Las Vegas-based Marathon Digital
Holdings (MARA).
Marathon is the largest publicly traded bitcoin
miner on U.S. exchanges. It’s also one of the
newer miners on the scene… It just started
ramping up its mining capacity in 2019.
The company has since prioritized growth and
rapidly expanded operations. And it’s set itself
on a path to becoming one of the most efficient
miners in the world.
Remember, hash rate measures the processing
power of the bitcoin network. Currently,
Marathon’s hash rate is 0.7 EH/s.
That’s small potatoes compared to most other
North American miners. That’s because Marathon
only has around 6,800 mining rigs running.
But as I mentioned above, Marathon is ramping
up its capacity… big time. By almost 1,400%, in
fact.
Over the second half of 2020, Marathon
purchased 100,500 Next Generation Antminer
S19 mining machines from mining equipment
maker Bitmain. These are the most efficient and
profitable mining rigs on the market today.
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Marathon’s planning was key. It placed larger
orders for future delivery just as bitcoin’s price
was rising.
Orders for these machines have flooded in as
bitcoin’s price rises. The increased demand has
pushed manufacturers to the brink. They can’t
keep up.
Marathon’s management strategically spaced out
its deliveries, so it’d receive a portion of its overall
order each month throughout 2021.
This virtually guarantees Marathon stays ahead
of the crowd clamoring to get their orders
processed. And it minimizes the chance it’ll fall
behind due to supply crunches.
Marathon is targeting full deployment of its
100,500 machines by the end of 2021.
At full capacity, its total fleet will operate at a
10.3 EH/s hash rate. That would be the highest
production capacity of any publicly traded bitcoin
miner today.
And it would be enough to generate 55–60 BTC
per day – or over 20,000 BTC per year.
At current bitcoin prices, that’s over $1.2 billion
in revenue. And it’s over 200x higher than its
annual revenue recorded last year.
On top of that, it would allow Marathon to mine
bitcoin at a cost of $4,541 per coin. At that level,
it’d be one of the most efficient bitcoin miners in
the industry.
Currently, no other publicly traded miner can
match that potential.
One reason Marathon can mine bitcoin at this
low cost is a joint venture with Beowulf Energy.
Beowulf owns and operates power generation
facilities that create over $5 billion worth of
power worldwide.
 Beowulf provides Marathon with a stable supply
of cheap electricity, at a near-industry low of
$0.028 per kW/h. (Remember, the average
industry price is $0.06 per kW/h. So that’s 53%
lower than most other industrial customers pay.)
The partnership also offers opportunities for
future growth. It includes 500-plus megawatts
of power earmarked for future data center
expansion. (1 megawatt = 1,000 kW.)
As part of the deal, Beowulf owns over 6 million
shares of Marathon’s stock. That means Beowulf
has skin in the game. So it’ll do everything it
can to make sure Marathon can mine bitcoin as
cheaply as possible. A win-win for both parties…
and shareholders.
Hoarding Bitcoin
Over the past year, Marathon has put itself in
a great position to hold its bitcoin, rather than
selling it to generate cash.
At the start of 2021, Marathon raised $200
million in a share offering. It used a portion of
the funds to purchase more mining machines to
further grow its business. As of its most recent
filing, Marathon is now sitting on a $140 million
cash war chest.
Based on current daily operating costs, Marathon
has enough cash to last 17 years. So it no longer
needs to sell mined bitcoins to raise cash... And
probably won’t ever need to again.
One of my analysts joined a recent webcast on
crypto assets, in which Marathon executive
chairman Merrick Okamoto was a panelist.
Among ambitious growth plans, Okamoto stated
of the company’s future outlook:
Our board would like to never sell bitcoin.
If you have machines that can produce a
coin worth $53,000, $55,000, $60,000,
and it costs you $4,000 to make it, you
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should really think about holding that
coin. It’s not certain we’ll never sell our
bitcoin. But it’s pretty certain it would be a
last resort.
This is further validation the Super Halving is
playing out before our eyes. Mining executives
are savvy to the benefit of holding their bitcoin.
And its effects will soon hit the crypto markets…
Once it does, and bitcoin hits our target price
of $500,000… they’ll be even less likely to sell.
That will make outfits that are small today, like
Marathon, extremely valuable.
With Marathon holding all its bitcoin mined, we
believe there’s a tremendous amount of upside in
its share price.
What’s It Worth?
To find Marathon’s fair value, my analyst team
ran it through the same scenarios featured above.
We took into account the value of the bitcoin
Marathon mines and how much it would need to
sell to keep up expenses.
For this valuation, we assume Marathon
maintains its current P/B multiple of 7.3.
Currently, it trades at $27.82.
To start, we also assume bitcoin’s price stays at
$60,000. In this scenario, Marathon’s fair value
comes out to $107.74 – a 287% increase from
today’s price.
• At $100,000 per bitcoin, MARA would be
$168.79 – a 507% increase from today’s
prices.
• At $200,000 per bitcoin, MARA would be
$321.41 – a 1,055% increase from today’s
prices.
• And at $500,000 per bitcoin, MARA
would be $779.28 – a 2,701% increase
from today’s prices.
 Under the blue-sky $500,000 scenario, you’d see
every $1,000 turn into $28,010.
We believe given Marathon’s aggressive
expansion plans, effective operations, and bitcoin
retention plans alone make it a great buy.
But when the Super Halving kicks in, it’ll really
take off. That’s why you absolutely want to have
this miner in your portfolio before the market
catches on and this event hits.
Action to Take: Buy Marathon Digital Holdings
(MARA).
Buy-up-to Price: $50
Stop Loss: None
Position Size: $200–500 for smaller investors,
$500–1,000 for larger investors
Super Halving Play No. 5
Unlike new-kid-on-the-block Marathon, our next
Super Halving play, Riot Blockchain (RIOT),
is one of the oldest bitcoin miners in the industry.
It began building its mining capabilities in 2017.
Over the following three years, it operated a
mining facility out of Oklahoma City. And in
2020, it decided to move its entire mining fleet to
Massena, New York.
This move led to a seismic shift in the company’s
operations and kicked off an aggressive growth
path. In Massena, it partnered with Coinmint,
which operates the largest digital currency data
center in the world.
Coinmint’s compound is a former aluminum
smelter. It’s over three times larger than any
other digital currency data center. There, it hosts
bitcoin mining companies and leases its facility.
Riot Blockchain is its largest customer.
This data center offers Riot an abundance of
hydroelectric and wind-generated electricity…
Which has dropped Riot’s mining costs to one of
the lowest in the industry.
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The benefit here isn’t just the lower cost. In
our search for the best Super Halving plays,
we wanted to find miners that could scale and
wouldn’t be tied down by traditional energy
consumption limits.
By using a facility that prioritizes renewable
energy, Riot fits that bill. And despite being in
New York, where the moratorium on bitcoin
miners has been proposed… Riot has prioritized
using electricity from renewable energy sources,
and that makes us confident in its viability.
These moves have helped Riot grow into one of the
largest bitcoin miners in the world. Its 1.6 EH/s
mining capacity is currently the second highest
among all of the publicly traded bitcoin miners.
But Riot isn’t stopping there. When it comes to
details that stand out in the miners we look for,
plans to grow aggressively are a high priority.
Riot Blockchain is no exception. In early April of
this year, it announced the purchase of 42,000
Antminer mining machines from Bitmain.
These machines will boost total mining capacity
to 7.7 EH/s. That would be the second largest
among the public bitcoin miners. It would also
cause Riot to outgrow its Massena facility.
But Riot is ahead of this eventual outgrowth. It
just made one of the most exciting acquisitions
we’ve ever seen within the mining industry. Just
a few days after announcing its new mining rigs,
Riot revealed it acquired Whinstone.
Whinstone is the owner and operator of North
America’s largest bitcoin mining facility in
Rockdale, Texas. It has 300 megawatts of
developed capacity, with room to expand to 750
megawatts. That’s nearly 75% larger than Riot’s
Massena facility.
The benefits of this acquisition go beyond Riot
simply gaining more room to grow.
 Whinstone’s facility offers multiple ways to
earn passive income outside of mining the coins
themselves.
That’s because it also hosts mining operations
for three institutional clients, which generates
recurring revenue for the owner.
Another benefit is Whinstone’s experience
deploying cooling technology for its mining
clients. Cooling increases the lifespan of mining
equipment. It’s been a big focus of Riot’s research
and development (R&D).
It initially planned to run preliminary tests on its
own cooling technology by the end of Q1. Those
efforts seemed to have stalled. But by acquiring
a facility with existing cooling infrastructure,
Riot can immediately achieve its goal of running
immersion cooling technology on its existing
mining rigs.
With the addition of new miners and the benefits
from its recent acquisition, Riot can potentially
run at a full mining capacity of 7.7 EH/s. That
puts it right behind Marathon as the second-
highest forecast for any publicly traded bitcoin
miner.
Hoarding Bitcoin
Riot has also begun to recognize its own
opportunity to hoard a lot more of its mined
bitcoin.
Over 2020, Riot mined 1,033 bitcoins. Across
that same period, it increased the number of
bitcoins held on its balance sheet by 564.
That implies Riot was selling about 45% of its
mined bitcoin and keeping 55% for reserves.
That was already a fair percentage, but it’s kicked
that into overdrive in 2021. Over the first quarter
of this year, Riot has mined 491 bitcoins. So far,
it’s kept 487 of them for reserves. That means the
company has kept over 99% of its mined bitcoin.
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Again, this means the incoming supply of new
bitcoin to the crypto market from one of the
oldest and biggest players in the space… has gone
down to nearly zero. It’s another sign that gives
us confidence in the Super Halving catalyst.
If Riot simply maintains the level it’s currently
mining and holding – without accounting for its
new mining rigs or expanded operations in Texas
– it should add 1,473 bitcoins onto its balance
sheet by year-end.
That would leave it with 3,038 bitcoins, a value of
$173 million.
What’s It Worth?
We ran Riot through the same valuation model as
our other Super Halving plays.
We forecasted the amount of bitcoin it would
mine annually, based on total capacity. Then
we determined what Riot’s future revenue and
expenses would be, assuming it would sell only
enough bitcoin to cover expenses.
Riot’s profit represents its remaining bitcoins
mined. We add that onto its balance sheet to
calculate future book value.
We can then determine what Riot’s fair value
would be based on its current P/B multiple and
various bitcoin pricing scenarios.
Based on our research, Riot will be able to
mine 12,058 bitcoins annually. This is based
on a future capacity of 7.7 EH/s and a higher
forecasted global hash rate.
Let’s say bitcoin remains static at $60,000. In
this scenario, $92.55 would be a fair value for
Riot’s shares. That’s a 209% jump from today’s
prices.
• At $100,000 per bitcoin, RIOT would be
$141.23 – a 372% increase from today’s
prices.
 • At $200,000 per bitcoin, RIOT would be
$262.92 – a 778% increase from today’s
prices.
• And at $500,000 per bitcoin, RIOT would
be $628.01 – a 1,997% increase from
today’s prices.
Under the blue-sky $500,000 scenario, you’d see
every $1,000 turn into $20,970.
These price projections don’t factor in the
potential revenue generated from the income
earned at Whinstone’s Rockdale facility. We
believe this could very well lead to an even higher
repricing as those numbers become clearer.
Riot is in a great position and gearing up for even
more growth. 2021 will prove to be a big year for
the miner. Thanks to the Super Halving, we believe
this seasoned business in the mining industry
could reach new levels in the coming months.
Action to Take: Buy Riot Blockchain (RIOT).
Buy-up-to Price: $50
Stop Loss: None
Position Size: $200–500 for smaller investors,
$500–1,000 for larger investors
Super Halving Play No. 6
Our sixth and final Super Halving pick is
Voyager Digital (VYGVF).
Unlike our other plays, Voyager Digital is not a
bitcoin miner. But it will get a significant boost
from the Super Halving.
Voyager is a cryptocurrency broker. It offers
commission-free trading, interest on digital
assets, and has a host of other innovative
products in its near-term pipeline.
The company has experienced a dramatic rise in
popularity over the past year. As bitcoin’s price
has risen over 7x, new investors have flooded into
the crypto universe. And they’ve gravitated to
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Voyager as their preferred exchange.
This is due to its superior benefits and features
compared to competitors. (I’ll cover more details
on them below.)
As the incoming supply of bitcoin drops thanks
to the Super Halving and its price inevitably
rises, we’re confident Voyager’s popularity will
continue to skyrocket.
It has soon-to-be released features like credit
cards, crypto-backed loans, and more coin and
staking options in the pipeline. These will drive
more investment dollars from existing users –
and more new users to the platform.
Voyager is the ideal on-ramp to crypto. Its goal
is to provide ordinary investors an easy way to
begin investing in cryptocurrency. And it features
more options than its peers.
Voyager offers 58 investable coins on its
platform, including bitcoin, Ethereum, and even
Dogecoin. That’s more than its well-known rivals
Coinbase, Gemini, Kraken, and Binance.US.
Users can also learn about the history and
usage of smaller coins with Voyager’s detailed
descriptions. You won’t find this feature on most
other exchanges.
Voyager plans to increase its unparalleled
offerings by rolling out an additional 20 coins
soon.
Users can buy and sell these coins on Voyager
without paying a commission. In contrast, its
closest competitor Coinbase charges 1.5–3% fees
depending on the transaction size. Even Kraken
and Gemini charge up to a 1.5% transaction fee.
Much of the company’s growth over the last year
is thanks to its expanded coin offerings and lower
fees. However, it’s Voyager’s other offerings that
set it apart and give it a 99% customer retention
rate.
 Voyager also makes it easy for users to earn
interest on their coins. They can earn up to
6.25% on their bitcoin holdings and up to 9% on
stablecoins.
In a yield-starved world, Voyager stands out as
an attractive option for those looking to earn
more on their money. Remember, traditional
savings vehicles like savings accounts and money
markets yield 0.06%. So Voyager’s rates are up to
14,900% higher.
Its rates for BTC and ETH are also better than top
crypto interest-paying platforms, like BlockFi and
Gemini.
Plus, Voyager has up to 24 coins users can earn
interest on. BlockFi only offers eight coins, and
Gemini offers 18. So not only is Voyager able to
offer higher rates than competitors, it also has
more variety.
Voyager has big plans to roll out a suite of
products designed to make it a one-stop shop for
crypto users. This includes features like:
• Credit and debit cards. With credit cards,
users can earn rewards and cash back in
Voyager’s own native token, VGX. Similar
to a rewards program, the more you spend,
the more points in VGX you can get. These
points will translate into higher deposit
rates and reduced loan rates.
• And expansion of its trading options.
This includes margin trading and crypto-
backed loans.
These additions will go a long way in building
brand loyalty and diversifying the company’s
revenue streams.
Voyager also recently launched a partnership
with Blockdaemon to integrate validator nodes on
Ethereum, Polkadot, and Tezos onto its platform.
So it’s launching itself into the decentralized
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finance (DeFi) trend… And its users can take
advantage right through the easy-to-use platform.
It’s already drawn up plans to expand this
offering to include more of the 30-plus digital
assets Blockdaemon currently supports.
This partnership will allow Voyager users to
earn interest using a wide scope of blockchain
networks. In addition, integrating Blockdaemon’s
infrastructure onto its platform will reduce
counterparty risk when Voyager begins rolling
out crypto-backed loans.
Because of its attractive offerings and the surge
in demand for crypto, Voyager’s user base has
skyrocketed.
At the start of 2020, Voyager had a total of
18,000 funded accounts on its platform. By
March of this year, it had grown to over 270,000
funded accounts.
The company’s assets under management (AUM)
have grown even faster. At the start of 2020,
Voyager had around $5 million in deposited
assets. By March 2021, that had grown by 480x to
$2.4 billion. This implies that Voyager’s average
account size per user is growing.
It’s also dramatically increased the number of
trades it processes. In February 2021 alone, it
processed over 2 million trades. That’s 235x
higher than the 8,500 trades processed in all of
December 2019.
This rapid growth has led to eye-popping
financial results. In January of this year, Voyager
reported revenue of $8.5 million. In February,
that jumped 135% to $20 million.
If Voyager can maintain the same level of revenue
for March, its Q1 revenue should equal around
$48.5 million. Compare that to the $282,078 the
company earned in Q1 2020.
 That would be a year-over-year growth of
17,094%. In 2021 so far, Voyager has raised
over $145 million through private placements
with institutional investors. CEO Steve
Ehrlich stated over half of that will go toward
marketing its brand through direct-to-consumer
advertisements.
Ultimately, Voyager’s goal is to reach 1 million
accounts by the end of 2021. Looking out further,
its goal is to break 3 million funded accounts by
2023. At an average account size of over $17,000,
that would give it an AUM of $50 billion.
A potential catalyst in Voyager’s future is an
uplisting to the Nasdaq. As we mentioned with
Bitfarms, this can open up the floodgates to
investor attention and ease of raising institutional
capital.
Voyager has announced its intent on beginning
the application process. The company anticipates
approval as early as the end of this year. As early
investors, we could see an immediate boost from
an uplisting.
What’s It Worth?
Historically, Voyager’s revenue has equaled about
10% of its AUM.
To be on pace to reach its $50 billion goal by
2023, it would have to reach $12 billion in AUM
by 2022.
By taking 10% of these goals, we can forecast
2022 and 2023 revenues.
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Then, we can apply a conservative price-to-sales
(P/S) multiple of 8.8 to those revenue forecasts.
We determined that multiple by averaging the
implied P/S multiples of BlockFi, with the P/S
multiples for Coinbase, Interactive Brokers, and
Charles Schwab based on their expected sales for
next year.
Using that 8.8 P/S multiple and assuming it stays
on track to reach its growth goals, we can forecast
the future price per share of Voyager:
• In 2022, Voyager’s fair value price would
be $89.55 – a 348% increase from today’s
prices.
• In 2023, Voyager’s fair value price would
be $363.10 – a 1,717% increase from
today’s prices.
We believe Voyager has proven it can reach
those goals. As the friendliest exchange to new
users, and with more attractive features than its
competitors, it’ll be a great option for new users
coming into crypto.
Although not a miner, Voyager will be positioned
to absorb the demand from crypto buyers flocking
in on the heels of the Super Halving. And this
should send shares soaring higher.
Action to Take: Buy Voyager Digital (VYGVF).
Buy-up-to Price: $32
Stop Loss: None
Position Size: $200–500 for smaller investors,
$500–1,000 for larger investors
 Customer Care: Toll-Free: (888) 501-2598, International: (561) 921-8774, Mon–Fri, 9am–7pm ET, or email support@palmbeachgroup.com.

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