Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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PW’s already put a deposit on some rigs and will need to find many $mlns to pay for them, however, that’s only accounts for a small % of the MW capacity, so leasing (possibly via Celsius again) could be a possibility for the ePIC rigs.
This is the key missing info IMHO, we have the funds to build Texas but don’t have enough to fill it. The sooner that info is disclosed, the sooner the SP moves.
PW could be planning on leasing some or all of the machines, Obviously reduce our margin, but no further funding requirements, they will just pay for themselves as we mine.
IIRC, the catalyst for HUT8 was the announcement of how they would spend the funds from a raise? Wasn’t Bitfarms similar?
Argo has already announced how they will spend their money, the missing information is how they will deliver the rigs for Texas. I think that’s going to be the catalyst, maybe negative or positive on price but will be where Nasdaq volume starts.
Really helpful - thank you!
Why such a huge spread?
That’s Long and strong!
Dear ArgoBull,
thank you for your analysis of trading patterns post Nasdaq listing, most helpful thing here for sometime…
Long and string still!
Nice work Argobull. Thank you.
Fingers crossed ARGO goes the same way as Hut and BitF.
I must say, the current feeling is the same as when that Timmis guy was doing all that selling earlier in the year. We should have been going up with the others but just stagnated for weeks.
I expect that having just created many millions of new shares, (and raised $120m in cash from it, thank you very much) these new shares churning around in the pot must be having a similar effect. They’ll take time to get swooped about until they find new investors who wish to hold them longer term.
All Argo needs is one big announcement and the NASDAQ volumes will reawaken.
It does give comfort that 1st day volume was strong, since there's been little volume which also should translate to less selling. So we're going down on low volumes which I believe is not a bad thing.
Thanks for the time and effort putting the numbers together. I was in Hut before Nasdaq listing a bd didn’t understand why they were not moving up but waited patiently and it paid off. So I’m patiently waiting for Argo to do the same.
So 6+ weeks after uplisting the volume started coming through.
BTC wasn't that impressive when these 2 uplisted, so I don't know if Argo might be a little faster to increased volume. However volume is certainly unimpressive just now, but in line with HUT8 and Bitfarms uplistings.
And again for BitFarms.
BITF uplisted to NASDAQ in Week 26.
Week Average Vol Average USD$Vol
2 2.6 6.9
3 2.2 7.1
4 1.4 3.9
5 0.9 2.1
6 0.5 1.5
7 1.2 4.1
8 4.1 22.3
9 3.3 18.3
10 1.7 8.7
11 1.2 5.7
12 1.0 5.2
13 1.1 5.5
14 0.6 3.2
15 0.7 3.7
16 1.2 5.5
17 1.2 4.3
18 0.9 4.4
19 2.3 13.4
20 3.1 16.7
21 1.8 8.0
22 1.0 4.7
23 0.5 2.2
24 0.9 3.9
25 1.0 4.2
26 2.9 12.0
27 1.9 7.6
28 1.4 5.5
29 1.9 6.3
30 1.7 5.4
31 3.7 15.2
32 6.3 32.8
33 12.7 85.8
34 7.6 43.9
35 6.2 35.4
36 7.4 45.5
37 8.1 47.2
38 4.5 24.4
39 6.1 28.2
40 5.3 24.2
41 10.8 55.6
Lack of volume combined with a glut of IPO shares is what is killing us just now. However as I've said before, HUT8 and Bitfarms both took some time to get started.
Here's the average daily volume and average USD$ daily Volume (vol * closing price) for HUT8 by week of year.
All figures in millions.
HUT uplisted to NASDAQ in Week 25.
Week Average Vol Average USD$Vol
2 2.0 9.3
3 3.3 16.3
4 1.7 7.1
5 1.0 3.9
6 1.0 4.0
7 2.7 16.6
8 2.7 20.2
9 3.4 31.0
10 1.7 13.2
11 1.0 8.5
12 0.8 6.9
13 0.9 6.7
14 0.7 4.9
15 0.7 4.8
16 1.0 6.5
17 1.1 6.0
18 0.6 3.6
19 0.6 3.2
20 0.8 3.7
21 0.8 3.1
22 0.4 1.7
23 0.3 1.1
24 1.8 7.5
25 3.0 12.1
26 2.0 7.3
27 4.0 18.4
28 4.0 20.5
29 2.1 9.3
30 2.1 8.5
31 3.4 15.9
32 4.4 23.9
33 7.4 49.0
34 5.2 32.9
35 6.1 43.8
36 13.0 124.2
37 14.5 146.2
38 12.4 115.1
39 10.2 85.1
40 6.9 58.8
41 14.9 149.1