The investment decision to mine Bitcoin can be analyzed by adapting models used in traditional commodities, specifically using Real Options models. The sequential decision-making process of investing to expand, maintain, or abandon mining is evaluated, with the sales horizon set for the following year. This is compared to a passive buy-and-hold strategy for subsequent sale. The model is developed based on a trinomial grid with a single state variable, known as the MKR (modified Kamrad-Ritchken). The price variable conditions the computational strength of the network and other variables in the mining function. The structure of the analysis includes an introduction to the study subject, the sequential decision tree (to mine or buy), and the relevant valuation model equations. Subsequently, an investment case in mining versus holdings is analyzed, involving sequential decisions. Finally, the main conclusions are presented
