The cash backing won’t rise quarter on quarter any time soon....

The cash backing won’t rise quarter on quarter any time soon. Not sure what gave you that impression but I’d look at your research methodology if that’s the conclusion you reached.

First, they aren’t mining at the moment. Operation suspended due to the IO price. Second, they actually made a significant loss (~9M) last quarter even though IO was still high for a good part of the quarter.

Roughly speaking (going on the returns last quarter) I estimate that they need IO to be at least $150 - $160 USD (62%) to make this operation worthwhile (ie making a good enough profit to justify itself, not just barely keeping the lights on).

Check back whenever (or if) that happens.