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I also attended the call, thank you Torham for your summary
For me, the standout things were
Margins – Peter mentioned that ARGO are margin led and not income led (also included in June RNS), for me this was the standout news. To be margin led, the ARGO team need to be very cost conscious and work as a team. For me, this makes them the stand out business in the sector.
They have already documented that they are reducing the general overheads and administration expenses, to now have joined up thinking at the margin level , is great.
So on the monthly updates, we need to focus our attention on the margins not the income.
Cashflow - Whilst we didn’t have a direct conversation about cashflow, he did give information about creditors being paid within 60 days, which is a massive improvement compared to 31st December 2019 position, where I believe it was more like 90 days.
Lip Service - I truly believe Peter takes on investors suggestions for improvements, he definitely doesn’t pay lip service to people, this is very rare for a CEO to be so engaged with its retail investors. Especially a CEO who is based half way across the world.
Long term – One of my concerns was Peter’s future at Argo, but he gave many assurances in the call that he wants to build a solid business based on making good long-term decisions. I was very pleased to hear this.
Finally, Peter is a very smart guy who cares a lot about us, investors and his team. Whatever decision he makes in the future about dual listing , rig purchases and share buybacks, I will support them as I believe he is making them for everyone’s best interest.
stay safe
Posted this on Twitter - people seem to like a good stat!
Torham.... thanks for taking the time out to update the BB. Much appreciated.
Riot mined 508 bitcoins in 6 months. Arb mined 1586. - Taken from the last 6 monthly updates.
Abovementioned US miner's Q2 results are here: https://www.prnewswire.com/news-releases/riot-blockchain-reports-second-quarter-2020-financial-results-recent-operational--financial-highlights-301109332.html (Not intended as a cross-ramp, just for sake of info and to enable comparison).
Thanks for sharing with the board Torham.
Being on the call as well I got the impression that the company is now being well run and that Peter truly cares about the shareholders and shareholder returns. He was very open and gave detailed answers to our questions where he was permitted to do so and it is good that Peters level of optimism is a couple of notches higher now than cautious.
Yes it is good that they are looking at alternative markets to list possibly, but the criteria and work involved is considerable and there is no guarantee that shareholder value will increase by doing so.
Riot should be issuing Q2 results this week and they probably will only be producing 60-70 coins a month so will not bee too rosey and not warrant the current SP. But it is the American market so who knows.
My only major concern was my question on a possible takeover bid which of course Peter couldn't answer.
Not sure if anyone else from the call want to add anything or anyone has any questions but I'll be happy to try to answer.
My summation of the call and the way ARB are performing is extremely positive. So much so that I scraped together £5k to buy some more before I started typing.
Again, not advice just a recounting of information shared and my interpretation.
Health, happiness and wealth,
Torham
Margins and HODLd coins,
This is linked to the earlier costs point but worth stating.
The number of Coins available to HODL dropped as as machines were set to maximum efficiency while the costs for previous months were met.
On efficiency someone smarter than myself used the analogy that if you drive a car for a sustained period at 100 mph it will be putting too much strain on the engine; Driving at 70 mph lets the machines run more smoothly and more fuel efficiently.
Perry (Ops guy) is an efficiency guru and constantly fine tunes the system.
Dual/alternative listing,
ARB are well aware that this has been a hot topic of conversation among us PIs. Peter is open to the idea and as part of the constant review process of strategy it has been considered and if the BOD feel it appropriate when considering the costs and time implications then they will seek to do so. Peter noted that there is no guarantee that if we were to list on NASDAQ (for example as we were discussing the rise of MARA, Riot etc) that we would see the huge rise that others have.
From the discussion with Peter and our group - our fundamentals are massively different from the others and they look increasingly like a pump and dump. ARB want to build a solid, efficient company that will maximise the return for shareholders (remember PW has skin in the game too!)
Success of Z Miners and beautifully times purchase of machines;
We asked if ARB are looking at other coins to mine or looking to increase Zcash capacity. ARB closely monitor the crypto landscapes to identify any and all opportunities.
Mining Costs,
ARB are paying hosting costs after 60 days : May costs are paid in July etc. There has been a pretty significant drop in costs since May and we will see those positive numbers coming through from August onward.
Good morning all,
Trust this finds you safe, well and enjoying the upward trend.
A few investors had a call with PW last night, this was another bi-monthly or so call which Peter was kind enough to take from us.
For those new to ARB or missed the updates from the last call, we are a small group of investors with decent holdings who came together as a group and arranged, what will hopefully be, a regular call with Peter and/or BOD. We submit some pre-prepared questions and Peter provides us with updates. Naturally he can't discuss market sensitive information and is very professional while being very approachable.
I will post some of the information here, I won't be holding back anything but for the sake of clarity and brevity I will summarise where possible (and to the best of my understanding).
None of what I provide is advice in any shape or form, you are welcome to interpret this how you see fit. If you have questions then feel free to ask, I will try my best to answer and some of the others from the group may chip in.
Health, happiness and wealth to you all.
Torham