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billfunk

Argo Blockchain #ARB

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Not much new in this write-up except the writer claims there is a big seller in the market. This may put potential buyers off but I actually take this to be a positive given the share price has not dropped, but rather consolidated.

https://www.valuethemarkets.com/2019/08/21/the-shifting-shares-view-argo-blockchain-is-the-horse-to-back-in-the-race-to-benefit-from-bitcoin-arb/

My ragbag collection of rampers, gamblers, spivs and wideboys suggest ARB may publish the August mining figures on Monday. How the hell any of them know I have no idea but it makes for a pleasant weekend!

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2 hours ago, billfunk said:

Not much new in this write-up except the writer claims there is a big seller in the market. This may put potential buyers off but I actually take this to be a positive given the share price has not dropped, but rather consolidated.

https://www.valuethemarkets.com/2019/08/21/the-shifting-shares-view-argo-blockchain-is-the-horse-to-back-in-the-race-to-benefit-from-bitcoin-arb/

My ragbag collection of rampers, gamblers, spivs and wideboys suggest ARB may publish the August mining figures on Monday. How the hell any of them know I have no idea but it makes for a pleasant weekend!

These articles don't take into account the increase in BTC hashpower. It has nearly  doubled since May.

ARB generated approx.

  • 80 BTC in May with 1025 S17 in production by the end of the month
  • 161 BTC in June with 1809 S17 in production by EOM
  • 163 BTC in July with 2269 in production

So between June and July they increased their machines by 25% for a 2 BTC increase.

Even though I'm FUDDING I still bought close to 10k shares last week. They do seem the best of the listed miners. 

Not that any of these figures will matter if BTC goes to 100k

But their CAPEX is going to be so massive just to keep up their proportion of the hash power it's going to be tough to survive. They are competing against mining farms whose CAPEX is 1/3rd since the likes of Bitmain make their own ASICs

 

Edited by AQUAMAN

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17 minutes ago, AQUAMAN said:

These articles don't take into account the increase in BTC hashpower. It has nearly  doubled since May.

ARB generated approx.

  • 80 BTC in May with 1025 S17 in production by the end of the month
  • 161 BTC in June with 1809 S17 in production by EOM
  • 163 BTC in July with 2269 in production

So between June and July they increased their machines by 25% for a 2 BTC increase.

Even though I'm FUDDING I still bought close to 10k shares last week. They do seem the best of the listed miners. 

Not that any of these figures will matter if BTC goes to 100k

But their CAPEX is going to be so massive just to keep up their proportion of the hash power it's going to be tough to survive. They are competing against mining farms whose CAPEX is 1/3rd since the likes of Bitmain make their own ASICs

 

Thanks for this. I am now fully invested but will definitely weigh up this bear thesis going forward. The efficiency is even more critical. All this talk of $2k breakeven is painting an overly rosy picture.

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1 hour ago, billfunk said:

Thanks for this. I am now fully invested but will definitely weigh up this bear thesis going forward. The efficiency is even more critical. All this talk of $2k breakeven is painting an overly rosy picture.

I think in the long term you have to compare it to Gold miners

BTC will probably become some kind of 'safe haven' like Gold is, even though it's useless. Don't some of these big Gold miners have several hundred million losses and several billion market caps?

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29 minutes ago, AQUAMAN said:

I think in the long term you have to compare it to Gold miners

BTC will probably become some kind of 'safe haven' like Gold is, even though it's useless. Don't some of these big Gold miners have several hundred million losses and several billion market caps?

Sure. And ARB recently paid off their new ASIC miners in double quick time and have no debt and are cash generative. So that must be worth something!

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1 hour ago, AQUAMAN said:

Interesting BITF update

https://web.tmxmoney.com/article.php?newsid=7254229073797792&qm_symbol=BITF

Theyve bought slightly worse miners but seem to have got them for about $1000 per unit, rather than $2000-2500 per unit which ARGO pays for their S17s

And they claim to be closing the efficiency on ARB, 

"Overall operational efficiency improving to ~12.6 petahash per megawatt, making Bitfarms’ one of the most efficient publicly traded Canadian cryptocurrency miners in terms of computing power relative to electricity consumption;"

Overall BTC mining market remains subdued. I'm a bit disappointed that I never received a response from ARB to my email and also that they have yet to release Augusts figures. This should be a relatively simple procedure for them and they could be doing every month with few hassles. I am not feeling like their investor relations team are doing their properly.

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I have tried to send another email to support@argoblockchain.com but am met with an error message on their site. I have tried through hotmail and am met with an undeliverable message. I wonder if one of you guys could try?

I think the investor relations function is not doing its job very well at all. :PissedOff:

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Found this on FinTwit. I think he is using 505PH rather than the current 126PH. We will be looking at £4m monthly profit @ $10k BTC. MCAP currently £27m. It's only a few months to wait for this to either go up in price significantly or have a P/E<1!

Nice note re the Halving also. Max Keiser is looking for $28k BTC in the short to medium term i think.

Image

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And yet total BTC hash rate was 76.5 EH at the start of this thread. Now it's 98.5EH.

Not factoring in this is just so dumb and it's all over these share price messaging boards. A lot of these people will be in for a big shock when ARB release what they mined in Aug/Sept and how little money is left after the CAPEX

Edited by AQUAMAN

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20 hours ago, AQUAMAN said:

And yet total BTC hash rate was 76.5 EH at the start of this thread. Now it's 98.5EH.

.... and the block reward halves May next year which almost (notwithstanding actual tx fees) halves the BTC yield per EH.

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