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Bowlers
Wow ,really . I can’t wait for your next invaluable post.
Sp up today
https://decrypt.co/107477/bitcoin-miner-bitfarms-142m-loss-q2
"Hut8 were down a good bit on Btc per EH with 5 days shut down at one of their mines, so August number should see a good improvement".
I still don't think they're quite top tier though with those that do over 130 BTC per EH (including BITF, CLSK and HIVE I think from memory?) but take your point. I top-sliced as well - but yesterday, not looking so smart now but holding on too long on miners is very risky given past experience!
Well done Jamesy! I've still got a bit to go to get to my average but then I'll be doing the same. Not the same scale though!
Great movement today compared to Bitcoin. Sold my first shares just over 49p as I was a little overexposed from numerous averaging down stakes. I still have 200k which I intend to hold long term. I know some have a way to go to get back in the black, but this is a decent step forward for all but the shorters. Roll on Bitcoin recovery, reduced curtailments, negotiated power contract, continued expansion and steps towards being the leader on efficiency. GLA
Hut8 were down a good bit on Btc per EH with 5 days shut down at one of their mines, so August number should see a good improvement
Yes im holding them too thankfully on that basis of massive hodl.
Top sliced a few just just in case of any rise needed.
Been put off a bit by clsk funds , think they'll permanently be selling every month. So taken a good bit out of there.
Like Christmas these last few days in all miners . Fingers crossed it lasts
No probs - I wish I could be more help but don't know them as well as I should given I invested in them a few weeks ago. Their balance sheet just looked so strong though I just thought they would benefit a lot from any upturn in BTC compared to most - even though they don't have the best efficiency (per EH or cost-wise). Working out well so far :)
Great thank you
HUT8 appear to have nearly $250m of cash/HODL at mid year although this is in CAD so about 200m USD of which about $50m is cash. So it looks like they can HODL for quite a while longer even though their costs are relatively high and even if BTC falls again - BUT it depends on how much capex is coming up imminently which I don’t know. An equity raise may also be possible of course for any longer term growth plans they might have. Could be other reasons too why chunky amounts of cash may be needed (loan repayment due etc) but I haven’t looked and may be unexpected anyway.
Correction to earlier post is that loss in USD is $25m but would have been a lot worse if not for some warranty adjustments which were significant. So another reason to be careful when comparing results.
Although ARB’s results will look particularly bad because of their treatment of HODL revaluation I don’t think they would (or maybe even could) sit on the results for the sake of some possible good news.
"For years they have posted optimistic but unfounded targets and aspirations, missed every single target they set and yet retail lap up their shares every time, nuts"
As crazy as it is .. $5 to $18 in 6 weeks takes some beating
Also saying about argo looking worse than it actually is with low btc price , is that why your thinking Q2 result could possibly be delayed. Til more hastrate , intel & hopefully some entry into a curtailment programme good news?
Hut8 now sitting at 6x argo hodl.
I'm not holding for a long period on any miner hexam but hut can't keep only hodling surely, unless btc does go on a decent run.
Do you think a funding rise is likely to happen in the near future if btc stays pretty stable pls?
Hut8 show a half-year loss of $32m. ARB is likely to be around double that but it is important to bear in mind that, as far as profit goes, different companies have different methods of treating changes in the value of HODL due to changes in value of BTC.
The way ARB do it (currently) is to count all gains as profit and therefore all losses will also count against profit. I have not yet come across any other company that does this. The ones I have looked at all hold back at least some of the gains when BTC goes up and so don't include them in profits immediately. This means they don't suffer so much if BTC goes back down on those assets.
In short ARB will tend to look better than other companies when BTC goes up and worse when it goes down (as it has done significantly in the first half of 2022).
There are lots of other reasons why it is difficult to compare companies but this is likely to be the biggest one I think whilst BTC is so volatile and for ARB means that the results will look worse than they really are in comparison to other miners.
Just buy and hold. Zoom out, and return in 6 months, 1 year, 2 years, 3 years
BULLISH
"we have increased confidence that our bitcoin production may improve in the near term"
For years they have posted optimistic but unfounded targets and aspirations, missed every single target they set and yet retail lap up their shares every time, nuts
Clsk
https://finance.yahoo.com/news/cleanspark-reports-third-quarter-fy2022-200000590.html
"Subsequent to the quarter’s end, we began energizing miners in Texas after the power generator received the much-anticipated news that the tax-exempt status of the wind farm had been confirmed. Of the 68,000 miners that are being installed at this facility, approximately 40,000, representing 3.9 exahashes per second, are already installed and are now starting to be energized. With miners currently coming online in Texas, we have increased confidence that our bitcoin production may improve in the near term."