Zejnilovic, LeidBütikofer, Dominik Simon2024-01-262024-01-262023-01-192022-12-10http://hdl.handle.net/10362/162765Bitcoin is an emerging cryptocurrency that allows people to transfer value digitally peer-to peer. The Bitcoin blockchain is powered and secured by Bitcoin miners, who can be considered the backbone of the network. This work project aims to support the decision of the management of the Swiss digital asset broker Relai regarding its potential backward integration into Bitcoin mining. To assess the project, a cost-benefit analysis and a project valuation are conducted. The analysis shows that accurately evaluating a Bitcoin mining project is challenging, as it is mainly based on assumptions, and thus the results should be interpreted with caution.engBitcoin MminingDigital asset brokerBackward Iintegrationcost-benefit analysismaster thesis203314638