In addition to my past analysis, I was wondering whether the current share price makes sense from an assets POV.  The market cap of COG is currently ~600 BTC at 0.044BTC/share.  We currently own or have on the way ~20 TerraMiner IV units, which are currently selling for 10-15k on ebay right now for "currently in hand" units.  Our reserve fund is about 20 BTC, so 580BTC @ 620 => $360,600 market cap minus liquid holdings.  20 TerraMiners @ 15k each => $300,000.  We also have several avalons and BFL rigs.  The BFL 60 gh/s units seem to be going for over $500 on ebay right now, and a 4-module avalon is $1000-$2000 it looks like.  Along with all our other equipment, it looks like the company's entire value is pretty close to our market cap.  That means if Garrett sold everything right now, and did a force buyback, we'd probably break even, or maybe be at like 80-90%.

IMHO, this means we are undervalued, because COG has value in a lot more than just our assets - once the miners are working, they are going to more than break even, which means the divs paid over the next few months are likely to exceed the current share value - plus the hardware can still be sold then (for a much smaller amount, but for something nonetheless) which can be invested in more hardware as well.

I plan to continue to hold COG and if the share price goes much lower I will probably buy even more, even though COG is already a larger part of my total portfolio than a strategy of diversification would like.