The problem with this stock for me is the following 'theory':

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It used to be that FriedCat needed to keep us happy; but now he doesn't - so it's possible we're all left with shares he feels no need to honour.
(And for which we have no practical legal avenues to pursue)

He needed us shareholders back when mining was well distributed and the average Joe was buying miners, because these shares were used as collateral for resellers, and also because many of the shareholders were end users. Reputation and sales would have suffered if he'd defaulted earlier.

Now he can sell in bulk to a few operators with large datacenters - and they will buy his chips/machines to profit - whether he's screwing over shareholders or not.
Even if those large operators pull back - he's probably now in a much better position to self-mine.
He just doesn't need to keep shareholders and thousands of end-user miners happy any more.
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If that's true - I'm one of the bagholders.  Though many of you probably think that's implausible - I think the suspicion this is true is what's keeping the price down.
It's certainly why I'm not buying any more shares - no matter what pictures I see of progress.

Only dividends will dispel this fear for me.