NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Cryptocurrency Mining Sector Outlook — September 2026

NeuraCap's Cryptocurrency Mining sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

11.8x
Sector median EV/EBITDA
15.1x
Premium end EV/EBITDA vs 4.4x at the discount end
14
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CRYPTOCURRENCY MINING

Cryptocurrency Mining: Value Is Associated with Power Quality

The report shows how power access, fleet economics and workload flexibility shape public and transaction pricing.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Cryptocurrency Mining is not a single operating model. Public valuation separates companies even after forecast earnings are reflected, while precedent transactions produce different conclusions depending on whether revenue or EBITDA is used. Owners can strengthen their standing by protecting power quality, keeping fleets efficient and applying disciplined economics to any move between self-mining, hosted mining and adjacent computing.

Key findings

  • Forward Pricing Still Separates the Set
  • Data-Center Capability Reaches Beyond Mining Buyers
  • Power and Fleet Quality Align with the Earnings Story
  • Transaction Benchmarks Change With the Earnings Basis

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CRYPTOCURRENCY MINING

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CRYPTOCURRENCY MINING.

    Cover — Cryptocurrency Mining sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CRYPTOCURRENCY MINING Cryptocurrency Mining: Value Is Associated with Power Quality The report shows how power access, fleet economics and workload flexibility shape public and transaction pricing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Value Separates Around Durable Infrastructure and Credible Earnings 02 The Landscape Different Operating Models Require Different Valuation Questions 03 Valuation & Situations Forward Pricing Still Separates Companies with Different Operating Profiles 04 Precedent Transactions Transaction Benchmarks Change with the Financial Basis 05 Strategic Implications Strengthen the Assets That Can Hold up Through the Cycle 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Cryptocurrency Mining Spans Data Centers, Mining Tools and Adjacent Models

    Cryptocurrency Mining Spans Data Centers, Mining Tools and Adjacent Models.

    Cryptocurrency Mining Spans Data Centers, Mining Tools and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (4 of 7 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Cryptocurrency Mining Spans Data Centers, Mining Tools and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (4 of 7 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Pricing Still Separates the Set Only 3 of 7 companies carry a meaningful forward EBITDA estimate, with the range running from 15.1x to 4.4x. The profit multiple leads because a revenue multiple would understate what the market is pricing. 2 Data-Center Capability Reaches Beyond Mining Buyers Data center operations and computing services represent 43% of the peer set, with 2 of 3 companies carrying an estimate. Their 9.8x middle-of-the-range valuation reflects a group that can be assessed through both mining and adjacent computing economics. 3 Power and Fleet Quality Align with the Earnings Story Applied Digital Corp. (APLD) pairs 92% forecast growth with a 17% EBITDA margin, while IREN Limited (IREN) carries a 38% margin. The contrast keeps energized capacity, power cost and fleet efficiency central to the valuation discussion. 4 Transaction Benchmarks Change with the Earnings Basis Keel Infrastructure Corp.'s announced Bitfarms Ltd. transaction was recorded at 22.0x EBITDA and 5.2x revenue. Canaan Inc.'s announced Cipher Mining Technologies Inc. transaction was recorded at 20.1x EBITDA and 10.9x revenue, reinforcing the need to test both bases. 11.8x Sector median EV/EBITDA CY2027E consensus · 3 rated of 7 companies 15.1x Premium end EV/EBITDA vs 4.4x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 63 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Different Operating Models Require Different Valuation Questions. Power infrastructure, mining tools and adjacent models offer distinct earnings profiles. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Different Operating Models Require Different Valuation Questions Power infrastructure, mining tools and adjacent models offer distinct earnings profiles. 02 of 06 Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Money Sits Across Power Infrastructure, Mining Tools and Adjacent Models

    The Money Sits Across Power Infrastructure, Mining Tools and Adjacent Models.

    The Money Sits Across Power Infrastructure, Mining Tools and Adjacent Models 7 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP The Money Sits Across Power Infrastructure, Mining Tools and Adjacent Models 7 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: DATA CENTER OPERATIONS AND COMPUTING SERVICES 3 cos median 9.8x IREN Limited (IREN) Cipher Mining (CIFR) Applied Digital (APLD) Energized infrastructure can support mining economics while preserving a route into adjacent computing workloads. ADJACENT: MINING ORCHESTRATION AND INFRASTRUCTURE TOOLS 2 cos 11.8x · 1 rated Core Scientific, (CORZZ) Core Scientific (CORZ) Operating software and infrastructure tools offer exposure to mining activity without relying solely on self-mining output. ADJACENT MODELS 2 cos no rated names Soluna Holdings (SLNHP) Greenidge (GREEL) These businesses widen the sector map but require valuation methods matched to their underlying assets and contracts.

  6. 06
    02 · LANDSCAPE

    Operating Model Matters More than a Shared Cryptocurrency Mining Label

    Operating Model Matters More than a Shared Cryptocurrency Mining Label.

    Operating Model Matters More than a Shared Cryptocurrency Mining Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Operating Model Matters More than a Shared Cryptocurrency Mining Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Adjacent: data center operations and computing services 3 43% 9.8x IREN Limited (IREN) · Cipher Mining Inc. (CIFR) · +1 more Power assets widen the lens. This group includes 3 companies, with 2 carrying a forward EBITDA estimate. Energized capacity, interconnection quality and credible workload-conversion economics shape how investors can assess the assets. Adjacent: mining orchestration and infrastructure tools 2 29% 11.8x n=1 Core Scientific, Inc. Tranche 2 Warrants (CORZZ) · Core Scientific, Inc. (CORZ) Tools carry different economics. This group includes 2 names and one forward EBITDA estimate. Contract durability, customer exposure and the operating value of mining infrastructure matter alongside sector activity. Adjacent models 2 29% — Soluna Holdings, Inc. (SLNHP) · Greenidge Generation Holdings Inc. 8.50% Senior Notes due 2026 (GREEL) Other models need care. The 2 names in this group carry no forward EBITDA estimate. Asset structure, capital requirements and the relevant earnings basis therefore require company-specific work.

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    SECTION 03

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    Section 03 of 06 — Forward Pricing Still Separates Companies with Different Operating Profiles. The range remains wide after forecast earnings are already reflected. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS Forward Pricing Still Separates Companies with Different Operating Profiles The range remains wide after forecast earnings are already reflected. 03 of 06 Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Forward Valuation Gap Survives Different Growth and Margin Profiles

    The Forward Valuation Gap Survives Different Growth and Margin Profiles.

    The Forward Valuation Gap Survives Different Growth and Margin Profiles EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (4 of 7 companies), so this report follows it. A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 11.8x median of the rated set. 8

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    03 · PUBLIC MARKET VALUATION The Forward Valuation Gap Survives Different Growth and Margin Profiles EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (4 of 7 companies), so this report follows it. A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 11.8x median of the rated set. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Applied Digital Corp. APLD $9.1B 15.1x 92% 17% Applied Digital Corp. (APLD) pairs rapid forecast growth with a lower margin and the top of the forward valuation range. Cipher Mining Inc. CIFR $10.8B n/a n/a 52% Cipher Mining Inc. (CIFR) offers data center and computing-services exposure, with power quality and fleet economics central to the case. Core Scientific, Inc. CORZ $6.4B 11.8x 66% 29% Core Scientific, Inc. (CORZ) sits above both valuation and margin reference lines in the measured set. Core Scientific, Inc. Tranche 2 Warrants CORZZ $6.4B n/a 66% n/a Core Scientific, Inc. Tranche 2 Warrants (CORZZ) provide instrument-level exposure to the Core Scientific, Inc. platform. Greenidge Generation Holdings Inc. 8.50% Senior Notes due 2026 GREEL n/a n/a n/a n/a This senior note requires a security-specific assessment rather than a direct operating-company comparison. IREN Limited IREN $16.7B 4.4x n/a 38% IREN Limited (IREN) combines a higher margin with the lower end of the forward valuation range. Soluna Holdings, Inc. SLNHP $1.4B n/a 29% n/a Soluna Holdings, Inc. (SLNHP) requires an asset-led view of power systems, capacity and capital needs.

  9. 09
    03 · VALUATION DRIVERS

    Durable EBITDA Is Associated with Power Quality and Fleet Discipline

    Durable EBITDA Is Associated with Power Quality and Fleet Discipline.

    Durable EBITDA Is Associated with Power Quality and Fleet Discipline Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Durable EBITDA Is Associated with Power Quality and Fleet Discipline Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Secure Low-Cost Power Before Adding Capacity Power tenure, delivered cost and curtailment rights shape resilience when hash price weakens or network difficulty rises. Keep Fleet Efficiency Ahead of Replacement Needs Efficient machines, high uptime and disciplined maintenance support earnings while limiting the capital burden of fleet refreshes. Prioritize Energized Sites over Distant Pipelines Interconnection status, permitting and utility timelines distinguish operating capacity from development plans that still require funding and execution. Test Adjacent Computing Against Site Economics Connectivity, site design and conversion costs should support a credible workload case before capital moves away from mining use.

  10. 10
    03 · SITUATION MAP

    Three Operating Profiles Create Three Different Value Priorities

    Three Operating Profiles Create Three Different Value Priorities.

    Three Operating Profiles Create Three Different Value Priorities Cut on EV / EBITDA vs the sector median (11.8x) (rows) and EBITDA margin vs the covered median (29%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Three Operating Profiles Create Three Different Value Priorities Cut on EV / EBITDA vs the sector median (11.8x) (rows) and EBITDA margin vs the covered median (29%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple · Higher Margin Above-median multiple · above-median EBITDA margin 1 names Core Scientific, Inc. (CORZ) Core Scientific, Inc. (CORZ) sits above both reference lines. The priority is protecting margin while sustaining the operating case already reflected in forward pricing. Higher Multiple · Lower Margin Above-median multiple · below-median EBITDA margin 1 names Applied Digital Corp. (APLD) Applied Digital Corp. (APLD) carries the higher multiple with the lower margin. The position places weight on forecast delivery, power availability and credible adjacent computing economics. Lower Multiple · Higher Margin Below-median multiple · above-median EBITDA margin 1 names IREN Limited (IREN) IREN Limited (IREN) carries the higher margin with the lower multiple. The position suggests room to strengthen how current profitability connects to durable growth and capital allocation. Lower Multiple · Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

  11. 11
    03 · THE AGENDA

    Operating Models Differ in Their Ability to Defend Returns Through the Cycle

    Operating Models Differ in Their Ability to Defend Returns Through the Cycle.

    Operating Models Differ in Their Ability to Defend Returns Through the Cycle NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Operating Models Differ in Their Ability to Defend Returns Through the Cycle NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Self-Mining Advantage Direct capital toward low-cost power, fleet efficiency, uptime and curtailment capability where the company can sustain attractive mining economics. What changes the answer: Choose this path when power tenure and fleet performance remain resilient under weaker hash-price assumptions. Build More Durable Hosted Mining Strengthen customer quality, minimum commitments, energy pass-throughs and equipment-specific service terms to improve revenue durability. What changes the answer: Choose this path when contract economics compensate for customer credit risk and power-market exposure. Pursue Adjacent Computing Selectively Convert capacity only where connectivity, site design, funding needs and workload economics support a credible return above continued mining use. What changes the answer: Choose this path when conversion economics remain attractive after accounting for capital needs and operating complexity. Allocate Capital Across the Segment Map Balance capital across the 3 segment groups shown, using power quality, earnings durability and reinvestment needs to set priorities. What changes the answer: Choose the mix when the operating case is stronger than concentrating resources in one segment group.

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    SECTION 04

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    Section 04 of 06 — Transaction Benchmarks Change with the Financial Basis. Revenue and EBITDA measures produce materially different readings across precedent transactions. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Transaction Benchmarks Change with the Financial Basis Revenue and EBITDA measures produce materially different readings across precedent transactions. 04 of 06 Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Favour Basis-by-Basis Valuation Work

    Precedent Transactions Favour Basis-by-Basis Valuation Work.

    Precedent Transactions Favour Basis-by-Basis Valuation Work 3 of 14 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 49 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Favour Basis-by-Basis Valuation Work 3 of 14 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 49 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2026 $1.2B Keel Infrastructure Corp. Keel Infrastructure Corp. agreed to acquire Bitfarms Ltd. in an infrastructure-led transaction. EV / LTM revenue 5.2x EV / LTM EBITDA 22.0x WHY THE DEAL HAPPENED Keel Infrastructure Corp.'s infrastructure orientation and Bitfarms Ltd.'s mining platform suggest interest in energized assets, power arrangements and operating capacity. The transaction also points to a buyer lens extending beyond current mining output. HOW THE TARGET WAS VALUED The transaction was recorded at $1.2B, 22.0x EBITDA and 5.2x revenue. The gap between those measures limits its use as a single standalone benchmark. May-2024 $900M Riot Platforms, Inc. Riot Platforms, Inc. pursued Bitfarms Ltd. as a listed-miner consolidation opportunity. EV / LTM revenue 5.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests a strategic fit around mining operations, site exposure and scale. The buyer's sector position makes operating compatibility and power economics central to the reading. HOW THE TARGET WAS VALUED The transaction was recorded at $900M and 5.4x revenue. That measure is useful as a revenue reference but should be tested against normalized earnings and asset quality. Apr-2021 $559M Bitfury Holding BV acquires Hut 8 Mining Corp. EV / LTM revenue 11.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The strategic fit between the buyer and target is the relevant lens. HOW THE TARGET WAS VALUED The transaction is best used as qualitative context alongside precedents with observable revenue and earnings benchmarks.

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    SECTION 05

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    Section 05 of 06 — Strengthen the Assets That Can Hold up Through the Cycle. Power durability, fleet efficiency and workload economics should guide operating choices. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Assets That Can Hold up Through the Cycle Power durability, fleet efficiency and workload economics should guide operating choices. 05 of 06 Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

  15. 15
    05 · STRATEGIC IMPLICATIONS

    Asset Utility Across Market Conditions Is Associated with More Defensible Value

    Asset Utility Across Market Conditions Is Associated with More Defensible Value.

    Asset Utility Across Market Conditions Is Associated with More Defensible Value NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Asset Utility Across Market Conditions Is Associated with More Defensible Value NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of Power Access Prioritize energized capacity, durable power arrangements and disciplined expansion over capacity that still depends on uncertain interconnection or funding. FOR OPERATORS Treat Fleet Discipline as Capital Discipline Match machine refreshes, maintenance and uptime targets to power economics rather than pursuing deployed hash rate without regard to returns. FOR BOARDS Set a Clear Workload Strategy Decide where self-mining, hosted mining and adjacent computing offer the most durable use of power, sites and capital.

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    SECTION 06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.8x); amber marks below · 3 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 3 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.8x); amber marks below · 3 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 3 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.5x · median 15.1x · 1 companies Applied Digital Corp. APLD Adjacent: data center operations and computing services $9.1B 15.1x 92% 17% 138 CORE — 8.1x–13.5x · median 11.8x · 1 companies Core Scientific, Inc. CORZ Adjacent: mining orchestration and infrastructure tools $6.4B 11.8x 66% 29% 114 DISCOUNT — <8.1x · median 4.4x · 1 companies IREN Limited IREN Adjacent: data center operations and computing services $16.7B 4.4x n/a 38% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (63 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 49 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (63 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 49 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Keel Infrastructure Corp. → Bitfarms Ltd. $1.2B 5.2x 22.0x The announced Keel Infrastructure Corp. and Bitfarms Ltd. transaction suggests that operating sites and power infrastructure can attract buyers beyond listed miners. Feb-2026 Canaan Inc. → Cipher Mining Technologies Inc. $2.4B 10.9x 20.1x The announced Canaan Inc. and Cipher Mining Technologies Inc. transaction links mining equipment exposure with an operating infrastructure platform. Jul-2025 CoreWeave, Inc. → Core Scientific, Inc. $3.6B 32.0x 92.1x The terminated CoreWeave, Inc. and Core Scientific, Inc. transaction highlights the strategic relevance of power-rich sites to adjacent computing buyers. May-2025 Kindly MD, Inc. → Nakamoto Holdings Inc. $23M 9.3x n/a The announced Kindly MD, Inc. and Nakamoto Holdings Inc. transaction sits outside a simple operating-asset comparison and requires close attention to the valuation basis. May-2025 Gryphon Digital Mining, Inc. → American Bitcoin Corp. $1.9B n/a n/a The completed Gryphon Digital Mining, Inc. and American Bitcoin Corp. transaction shows continued interest in whole operating platforms. Aug-2024 Bitfarms Ltd. → Stronghold Digital Mining, Inc. $175M 2.5x n/a The announced Bitfarms Ltd. and Stronghold Digital Mining, Inc. transaction suggests a focus on combining mining operations and infrastructure. May-2024 Riot Platforms, Inc. → Bitfarms Ltd. $900M 5.4x n/a The announced Riot Platforms, Inc. and Bitfarms Ltd. transaction reflects strategic interest from an established mining operator. Nov-2023 Bitfury Top HoldCo B.V. → Cipher Mining Inc. $921M 10.7x n/a The announced Bitfury Top HoldCo B.V. and Cipher Mining Inc. transaction provides a precedent involving an existing sector participant. Jan-2023 CoreWeave, Inc. → Conductor Technologies, Inc. n/a 0.7x 8.8x The terminated CoreWeave, Inc. and Conductor Technologies, Inc. transaction connects adjacent computing demand with mining orchestration and infrastructure tools.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (63 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 49 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (63 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 49 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2022 Riot Blockchain, Inc. → Riot Platforms, Inc. $294M 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2022 CleanSpark, Inc. → Mawson Infrastructure Group, Inc. $75M 1.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Apr-2021 Bitfury Holding BV → Hut 8 Mining Corp. $559M 11.8x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2021 Good Works Acquisition Corp. → Cipher Mining Technologies Inc. $2.0B n/a n/a n/a Blue Safari Group Acquisition Corp. → Bitdeer Technologies Holding Co. n/a 5.7x 20.8x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced.

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (4 of 7 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Cryptocurrency Mining and it clears the coverage gate with 3 of 7 companies (43%). P / E is carried as a cross-check. The set earns: 3 of 7 companies carry a meaningful forward EBITDA on CY2027E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 22 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 301 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (300) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Value Sits with Durable Power, Efficient Fleets and Credible Workload Economics.

    Value Sits with Durable Power, Efficient Fleets and Credible Workload Economics..

    Closing — Value Sits with Durable Power, Efficient Fleets and Credible Workload Economics. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    Value Sits with Durable Power, Efficient Fleets and Credible Workload Economics. NeuraCap AI — Cryptocurrency Mining Coverage September 2026 · Prepared by NeuraCap AI · Confidential Cryptocurrency Mining Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Cryptocurrency Mining (Information Technology › Software and Services › Cryptocurrency Mining) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Cryptocurrency Mining according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Applied Digital Corp. (APLD), Cipher Mining Inc. (CIFR), Core Scientific, Inc. (CORZ), Core Scientific, Inc. Tranche 2 Warrants (CORZZ), Greenidge Generation Holdings Inc. 8.50% Senior Notes due 2026 (GREEL), IREN Limited (IREN), Soluna Holdings, Inc. (SLNHP). The market map groups them by business vertical — Adjacent: data center operations and computing services: 3 companies (IREN, CIFR, APLD); Adjacent: mining orchestration and infrastructure tools: 2 companies (CORZZ, CORZ); Adjacent models: 2 companies (SLNHP, GREEL). 3 of the 7 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Cryptocurrency Mining (Information Technology › Software and Services › Cryptocurrency Mining) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Cryptocurrency Mining according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Applied Digital Corp. (APLD), Cipher Mining Inc. (CIFR), Core Scientific, Inc. (CORZ), Core Scientific, Inc. Tranche 2 Warrants (CORZZ), Greenidge Generation Holdings Inc. 8.50% Senior Notes due 2026 (GREEL), IREN Limited (IREN), Soluna Holdings, Inc. (SLNHP). The market map groups them by business vertical — Adjacent: data center operations and computing services: 3 companies (IREN, CIFR, APLD); Adjacent: mining orchestration and infrastructure tools: 2 companies (CORZZ, CORZ); Adjacent models: 2 companies (SLNHP, GREEL). 3 of the 7 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

22 records failed a validation gate and never feed a statistic in this report (2 excluded from universe; 19 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: CORZZ — The security name identifies an instrument rather than an operating company (warrants?) (effect: excluded from universe) · GREEL — The security name identifies an instrument rather than an operating company (d+(?:\.\d+)?\s*%\s+(?:notes?|debentures?|preferred|senior)) (effect: excluded from universe) · APLD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · APLD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · APLD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CIFR — Implied EBITDA margin 103.4% outside the plausible band [-100%, 80%] (effect: quarantined) · CIFR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CIFR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CIFR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZ — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CORZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CORZZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GREEL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IREN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SLNHP — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SLNHP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SLNHP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SLNHP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SLNHP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (4 of 7 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Cryptocurrency Mining and it clears the coverage gate with 3 of 7 companies (43%). P / E is carried as a cross-check. The set earns: 3 of 7 companies carry a meaningful forward EBITDA on CY2027E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 3 of 7 companies; EV / rEVenue: 5 of 7 companies; P/E: 3 of 7 companies. 3 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥13.5x, Core 8.1x–13.5x, Discount <8.1x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.8x = median(ev_ebitda CY2027E) (3 rated companies) · 15.1x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 11.8x = median(ev_ebitda CY2027E) within Core tier (n=1) · 4.4x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 102% = median Rule of 40 score (revenue growth + EBITDA margin) (n=2)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Cryptocurrency Mining recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 63 transactions were recorded for this industry; 14 are shown. 49 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 38 × deal value unit unresolved; 16 × no evidence record; 2 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 305 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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