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Bitcoin mining company financial model, built free.

A three-statement Excel model for a digital asset miner and HPC host, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Runs fleets of bitcoin mining machines (or GPUs) in its own powered sites, earning block rewards that depend on its share of network hashrate and the coin price, and increasingly leases capacity to AI and HPC tenants.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued three ways

    Discounted cash flow, trading multiples and net asset value, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours: its structure and its inputs, ready for your own figures.

Annual · 10 years · Low detail
Bitcoin mining company sample model.xlsx
The How It Works sheet of the sample bitcoin mining company model

The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.

How it works

How the model works for a bitcoin mining company.

  1. How it earns revenue2 formulas
    Compute revenue and utilisation · All compute clusters
    Reserved capacity revenueRevenue under contractRevenue from renewals and re-letting
    Compute revenue and utilisation · All compute clusters
    Unit-hours under contractContract 1 — unit-hours contractedContract 2 — unit-hours contractedContract 3 — unit-hours contractedUnit-hours renewed or re-let (within the hours the fleet has free)
  2. What drives its costs3 formulas
    Cluster power, colocation and running costs · All compute clusters
    Cluster power and running costsPower costColocation rentBandwidth, maintenance, site staff and insurance
    Cluster power, colocation and running costs · All compute clusters
    Electricity used (IT load × load factor × PUE × hours)Unit-hours available (average units × hours)from compute fleet capex and depreciationIT power per unit at full loadLoad factor (idle draw plus utilisation)Power usage effectiveness (PUE)
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
  3. What it invests in3 formulas
    Capacity build-out and asset base · All data centres
    Development capexPhase 1 capexPhase 2 capexPhase 3 capex
    Capacity build-out and asset base · All data centres
    DepreciationDepreciation of existing assetsPhase 1 depreciationPhase 2 depreciationPhase 3 depreciation
    Capacity build-out and asset base · All data centres
    Closing net book valueOpening net book valueDevelopment capexDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

18 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Net asset valueBook net asset value
  • Digital assets held on balance sheetUnits held × price path
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • CPI forecastCPI glide path
  • Capacity build-out and asset basePhased build scheduleIT capacity (MW) commissioned over time, construction capex, depreciation and net book value.
  • Compute fleet capex and depreciationDeployment schedule × cost per unitServers, GPUs, networking or mining machines deployed in a cluster, their capex, depreciation and book value.
  • Compute revenue and utilisationReserved capacity contractsRevenue from renting compute or hosting, or from mining, earned on a cluster's capacity.
  • Cluster power, colocation and running costsPower × PUE plus colocation rentPower, colocation rent, bandwidth and site costs of running a compute cluster.
Key numbers

The numbers it tracks.

  1. 01hashrate (EH/s)
  2. 02share of network hashrate
  3. 03coins mined
  4. 04power cost per coin
  5. 05hashprice
  6. 06MW energised
  7. 07HPC contracted revenue
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Looking for a bitcoin mining company financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.