Another reason why I believe Bitcoin miners like RIOT are currently undervalued: Fees have only made up an average of 1% of the total block income the last two quarters. When BTC starts moving up only, the average fees paid out per block increases significantly. I could see the fee split going higher than what we've seen in previous cycles due to: 1) lower total block subsidy - fees percentage is defined by fees / (blocksubsidy + fees) 2) increased use of Bitcoin DeFi w/ runes & ordinals, which I expect to pick up again in a risk on environment Let's just say Fee % for rewards / block returns to the mean level of hype from previous bull markets of around 15%, that's still a significant bump in revenue that's not currently being accounted for in any forecasts.