..I am really trying to understand the economics of public mining stocks. I am picking #Riot to focus on.

Riot is down big, but still worth 2.1 Billion USD. That's 34,000 $BTC at current valuation.

In Febuary, Riot mined 418 Bitcoin. With the halving, thats a rate of about 209 Bitcoin per month, or 2500 Bitcoin per year.

Now, lets assume they don't buy any new miners, and they have completely free electricity and zero personel costs.

Well for the next cycle,

they mine 10K Bitcoin.

The next one, 5K #Bitcoin

Then 2.5K Bitcoin

In other words, they only ever mine 20K Bitcoin.

And that's assuming costs are ZERO, which they clearly aren't.

So why would anybody choose RIOT over the 34,000 Bitcoin?

I may have made a mistake here. Riot investors, help me out. Or weigh in if you have an opinion.

There are 2 cases here:

1/ mining stocks are overvalued

2/ at current rate after Halving Bitcoin is heavily undervalued.