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It seems pbb8 was very positive with ARB now gone negative when you read few of his last post. Question is he still invested here?
Some cut and paste , my take is the hash rate has risen recently because of the new hardware available which we are using and installing. “The increment in hash rate is certainly sudden as a one cryptocurrency analyst, @themooncarl, states that the Bitcoin Network saw a ten percent (10%) surge in this week alone.
Hash rate is what defines how powerful the system is. It is the number of guesses a computational device or a network of the kind can make at a hast each second. Higher hash rate enables devices to decipher the cryptographic algorithm encoded with crypto tokens. Once deciphered, the transaction data is added to the chain and the decipherer receives a reward as compensation from the network.
To put it mildly, the higher the hash rate, the more chances a device has to mine block faster.”
Latest article on hash rates , projected BTC prices
https://www.newsbtc.com/2019/09/16/will-bitcoin-mining-confidence-cause-a-btc-price-spike-to-28k/
Perhaps not at those rates, but mining BTC increased in difficulty by 10.38% this last weekend alone - the rate gets adjusted every 2016 blocks(approx every 14 days). Those sorts of changes will have a major effect on ARB & profitability of all miners.
Halving will lead to BTC becoming more scarce thus difficult to mine but its price will rocket as the total number of held BTC is reduced. This is the opposite of share split. So if the BTC price doubles, no effect on ARB if it say mines half of what it mines before. But ARB ahs already put more machines to increase the probability to mine more. By anticipation, ARB acted at an early stage.
pbb8, you are talking about 1,000 out dated machines. ARB are buying 15,000 of the latest up to date machines.
i still stand by post.
but time will tell whom is right
at the end of the day we are all rooting for ARB
The article is on about how many BTC can be mined per machine (revenue as opposed to profit). When purchased, the 2267 new S17 machines would have expected to mine $13.6m worth of bitcoin (or 1360BTC) per year. They can now however produce a maximum of $4.5m worth (or 453BTC), and this production rate is falling every day. This is what will affect the profitability of ARB (& hence SP) far more than the halving next year (if anything, the halving should reduce the number of miners & help).
@ajbennett - The 'generic article' was only about BTC mining with the exact same machines that Argo have recently bought, and how they are mining only a third of what they used to... but if you find that irrelevant then good luck to you.
Pbb...I have to disagree with your last comment this BB (compared to the others I follow on here) is free from the usual ramping / deramping crowd. Also I think the average SP forecasts are all very achievable given our short term strategy especially as our market cap is so low. Agree the halving next year is an unknown but even so think we will come out in a good position.
I agree they are efficient, but remember that they only ever compare themselves with similar Canadian (or US) mining companies. Over 70% of BTC mining is done in China where electricity costs are far lower (especially in rainy season where hydropower becomes essentially free to many). ARB is my second biggest holding, so understand that I too am rooting for them.
My recent research shows most posts on this BB to be more than a little optimistic ;)
ARB is one the most efficient miner in the market. They are cost focused and they deliver margins of 80%. This is very efficient.
Pbb8 - The halving next year will make the difference - So the price of BTC will go through the roof - : "The renewed interest in mining is one of the hopeful factors for an increase in market prices. Mining is also highly active ahead of the upcoming reward halving in early 2020."
IMO the SP will be over 25p by Christmas as many positive factors will help the crypto sector.
Uncertainty in the world economy, instability in the middle east coupled with a strong rise in BTC as it gets adopted by more and more institutions will give ARB a huge boost. Then, when the results this September confirm it means business, ARB will be on many new institutions radars.
@chimers, see this below article. The new machines ARB bought in April/May now are only a third as profitable as they were when purchased.
"But the mining equation of Bitcoin is becoming more precarious. While only a few months ago utilizing an Antminer S17 brought upward of $6,000 per year, now, the profitability has fallen toward $2,000 per year."
The figures you quoted cannot possibly happen.
https://cryptovest.com/news/bitcoin-btc-mining-spikes-to-astronomical-heights/
The hash rate % change is far less than the % increase in mining from ARB. Hence imo will keep rising
Post on ADVFN:
FYI - Now heard back from Argo - they cant confirm a definite date but are in advanced stages of prep and will be this month - so in the next 9 working days.
Those calls are only based on $10k. By December it'll be significantly more by then. ;)
thanks for your insightful answer.
pillock
The increase in PH doesn't equate to a pro rata rise in BTC mined, you have to factor in the hash rate which had risen a fair amount recently.
Check out Woodaldo 's last 2 posts which cover this.
Apart from mining BTC, has ARB ever indicated what else it will do. I like the idea of distributed ledgers
there is nothing stopping ARB from expanding to 2000Ph next year.
as it stands ARB will be thowing off 30p a share divi in a couple of years
So buy more then. What you waiting for?
do the maths
end of Q4 DEC 2019 = 500Ph @ $10,000 = $6,454,800 PER MONTH
end of Q4 DEC 2020= 1360Ph@ $10,000 = $17,550,000 PER MONTH
and you think it may double!!!!!!!!!
I agree but i always like to give lower end first. Anything above that is a bonus :)
Bought more. I still think this could double before year end. Lets see