Does your valuation take into account the fact that Bitcoin mining as we know it will collapse very soon?
If that were true - which it is not - the large holders would subsidize it or the miners would change the rules.
What's wrong with Bitcoin mining?
What's wrong ? Maybe 34% coming from "unknown":
https://blockchain.info/pools4PHs appearing from thin air in february ?
Do you think these are technology loving anarcho-liberals who want to get rid of the evil govs ?
In a couple of years you, for example, will be looking like a sad little dwarf at them. Until then. $500 at most.
ASIC is the cancer.