SummaryBitcoin mining companies can show distinctive capital structures: CLSK forgone Bitcoin reserves for low dilution and low leverage; MARA took on high leverage for larger Bitcoin reserves and low dilution.When it comes to high dilution in exchange for larger Bitcoin reserve and low leverage, HUT and RIOT come to mind.Despite RIOT's far superior mining operation in terms of cost and capacity, both RIOT and HUT provide the same upside potential.HUT and RIOT share similar investment propositions in terms of price-to-adjusted book value ratio and upside from profitability, but HUT edges out with lower volatility.RIOT risks being excluded, ignored, or neglected as HUT takes the spot for the ideal pick if dilution in exchange for larger Bitcoin reserves and low leverage is desirable.IntroductionSo far we've covered almost every major Bitcoin (BTC-USD) mining company listed in the US. We found that mining companies adopt different capital structures to sustain operations and growth. In our previous coverage of Riot Blockchain (RIOT), we found that RIOT's operation and growth are sustained through dilution, which saw RIOT increase its shares outstanding by 40% since 2021. We made a similar observation in Hut 8 Mining (HUT) as well, where HUT increased outstanding shares by 89% during the same period and will increase by 75% more in the coming quarters.On the other hand, CLSK did not take on debt nor does it dilute shareholders, r...
