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    Bitcoin mining is the definition of a zero-moat business. It’s a race to the bottom based on who can get the lowest electricity fees and newest ASIC chips. That being said, I believe this analysis is a bit shallow. It’s not just as simple as “No way anybody can compete with Nvidia”. ASICs are by definition specialized chips not usable for general purpose computing, and therefore there’s a lot of value in targeting niche markets like crypto mining that big players like NVDA will not do.

    CAN doesn’t seem like the best positioned to dominate the crypto mining market, and overall is in an undesirable position. Net income is atrocious at -$1B TTM. Still though, market cap isn’t insane, could very well be targeted for takeover…