BMNR · Forward model · Self mining, consulting and leasing
What has to happen in Self mining, consulting and leasing
Model as of
This page changes Self mining, consulting and leasing inside the complete BMNR model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
Shares this vertical and portfolio case. Slider and horizon edits stay in your browser.
Self mining, consulting and leasing
What is left of the company BitMine was before June 2025 - immersion-cooled bitcoin mining, hosting, a machine lease and a consulting contract. $792 thousand in the basis quarter against $45.7 million of staking, and shrinking on a published schedule: the machine lease expired 31 December 2025 and took leasing to zero, the KULR consulting agreement ran to 15 May 2026, equipment sales stopped altogether. What remains is a bitcoin mining operation the company says only that it is 'maintaining'. It is modelled because it is reported, not because it matters.
Latest: $171,805.78 (2031Q3E)
| Period | Value |
|---|---|
| 2025Q1 | $1M |
| 2025Q2 | $2M |
| 2025Q3 | $2M |
| 2025Q4 | $1M |
| 2026Q1 | $1M |
| 2026Q2 | $840,000.00 |
| 2026Q3 | $792,000.00 |
| 2026Q4E | $561,686.40 |
| 2027Q1E | $511,134.62 |
| 2027Q2E | $469,221.58 |
| 2027Q3E | $433,748.43 |
| 2027Q4E | $403,177.84 |
| 2028Q1E | $376,413.29 |
| 2028Q2E | $352,658.90 |
| 2028Q3E | $331,328.06 |
| 2028Q4E | $311,982.27 |
| 2029Q1E | $294,289.48 |
| 2029Q2E | $277,995.05 |
| 2029Q3E | $262,901.32 |
| 2029Q4E | $248,852.93 |
| 2030Q1E | $235,726.24 |
| 2030Q2E | $223,421.56 |
| 2030Q3E | $211,857.44 |
| 2030Q4E | $200,966.40 |
| 2031Q1E | $190,691.82 |
| 2031Q2E | $180,985.46 |
| 2031Q3E | $171,805.78 |
Assumptions & reasoning
- Reported, not apportioned. The fiscal 2026 Q1 10-Q prints self-mining $2, consulting $199 and leasing $1,112 thousand; the Q2 10-Q prints $219, $197 and $424; the Q3 10-Q prints $624, $168 and nil. Each set sums to the value above and, added to the staking line, to reported consolidated revenue exactly - $2,293, $11,041 and $46,535 thousand.
- The step change is a dated contract expiry, not a growth rate: the KULR consulting agreement ran 'from May 16, 2025 to May 15, 2026' and contributed $168 thousand of the basis quarter's $792 thousand, so the level drops 21.2% and it applies at the basis quarter because the contract had already lapsed sixteen days before that quarter closed.
- The margin here is measured rather than assumed. The fiscal 2026 Q2 10-Q disaggregates cost of sales - staking $306 thousand of a $1,426 thousand total - which leaves $1,120 thousand of legacy cost against $840 thousand of legacy revenue. Self-mining, hosting rent and electricity cost more than the bitcoin they produce.
- There is no operational driver left to model even if one were wanted. The company stopped publishing hashrate and energy metrics entirely, saying they are 'no longer decision useful' after the pivot to an asset-light ETH model.