FAQ

1. How is dilution risk managed with new token issuance?

Dilution should be assessed in relation to the hashrate-per-token or the Net Asset Value (NAV) per $HS, which reflects the combined value of the Bitcoin reserve and mining infrastructure. This provides a clear, asset-based reference for evaluating token value over time. Similar to how MicroStrategy is valued based on Bitcoin-per-share, HashStrategy encourages market participants to consider hashrate-per-token and NAV as primary metrics — ensuring that value creation remains transparent and grounded in productive assets.

1. Why did HashStrategy pick S19XP mining machines, when there are newer machines?

While newer mining machines offer higher efficiency, they also come with significantly higher unit costs, resulting in longer payback periods. HashStrategy selected the S19 XP for its balanced profile of efficiency, cost, and time to breakeven, enabling faster capital recovery and more scalable deployment at current market conditions.

1. What are the expected returns and how are they generated?

Returns are generated from Bitcoin mining operations. APY is an estimate and depends on real-world factors such as BTC price, network hashrate, and mining efficiency.