Driving thinking on costs is not changes in the power supply structure but rather the large, ongoing increase in Bitcoin network mining difficulty.Looking to rates of return on equipment, Hut 8 is cautious and not yet contracting for the full amount of rigs needed to reach the 6 EH/s year-end goal.High-margin Ethereum mining, representing 13% of production, will end with the platform's switch to proof-of-stake consensus later this year.Hut 8's new data center business is highly adjacent to their existing mining operations. But one key difference between mining and the data center business is the customer experience component.Hut 8 appears reasonably priced with forward P/E at about 10 and forward EV/EBITDA near 7.
