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In June, Bitfarms initiated and completed certain financing activities that reduced overall debt and increased liquidity, including:
Paying down the Company’s US$100 million BTC-backed loan facility to US$38 million:
Reducing the outstanding principal by US$62 million and freeing up US$27MM of BTC that was otherwise collateralizing the loan above the principal repayment.
Reducing interest expense by US$7 million on an annualized basis.
Amending the BTC-backed loan that was to mature June 30, 2022, extending the maturity by three-months for a maximum of US$40 million, of which US$38 million is currently outstanding, at an interest rate of 11.25%.
Selling 3,352 BTC during the month for total proceeds of US$69 million, a portion of which was used to pay down the BTC-backed facility.
Closing a US$37 million new equipment financing agreement with NYDIG ABL LLC.
Lets see what argo tell us next week mmmmm
Will be under a dollar soon !
I doubt BitFarms or Galaxy will look to close their loan off within the next three months. Rather I would expect BitFarms to look to pay it off over the course of the rest of the year by selling say half the BTC they mine. They are expecting to be past 4.0 EH within the next two weeks and are mining on currently difficulty levels 120 BTC per EH. They are in a much stronger position on every measurable basis than Argo.
Bitfarms being able to sell their HODL means they were not locked into Celsius (a sort of good news for Birfarms imo)
Rookie don't agree (of course). What are their per kWh costs? Do they do immersion? Do they hedge? Did they just buy 1000 BTC for 41 then sell 1500 for 21k? Did they then panic sell 1500 more?
Argo has some challenges ahead, the same as all the miners. My money is with Argo. Many try to paint Argo out as somehow worse, but it isn't. But my usual answer is don't buy Argo if you don't think they are going to succeed, rather than posting nonsense on this forum.
Sorry they bought for 43 not 41. And it was ATM funds.
"But my usual answer is don't buy Argo if you don't think they are going to succeed, rather than posting nonsense on this forum"
Thankfully for them , many haven't listened to your usual nonsense & sold a good while ago.
And after those sales bitf still have a larger hodl than Argo and mined 420 btc this month and have addressed the liquidity even if it’s a big **** up. Argo can only dream of those bitf numbers!
Argo are way behind bitfarms, we will see in the rns how Argo are going to react to this money crunch !
4,490 posts
Lol
557 posts this month
The argo lse board are clearly the only people that talk to you. It's ok, i know that feel bro
“Argo has some challenges ahead, the same as all the miners. My money is with Argo. Many try to paint Argo out as somehow worse, but it isn't. But my usual answer is don't buy Argo if you don't think they are going to succeed, rather than posting nonsense on this forum.”
Well said AB, completely agree with that well reasoned statement. ARBK blue right now (subject to change with no notice), onwards and upwards.
557 posts this month
You cant even get that correct baker boy.
its been a good bloody win and you lot have been a good sport as well, we are nearly home x;)
8-12p
CHAE GLA
ArgoBull, I was surprised so see you claim earlier that I was talking "nonsense" for claiming that Bitfarms was in much better shape than Argo. But given your username, maybe I shouldn't be.
The facts are these:
Bit Farms:
-Has less debt than Argo
-More cash
-More EH online
-Much higher productivity
-Larger HODL
-More power capacity built out
-More EH of machines paid and funded
Bit Farms mines 3.5 BTC for every 1 coin that Argo produces and do so just as cheap, average power costs of $0.04 kWH USD.
There is not a single metric that Argo is better than Bit Farms on when comparing the two miners side by side. Sorry, that is not what you want to hear.
No issues with bitfarms, I have shares in them, but they are hardly perfect and recent panic by them has made me lose confidence in them. Argo hasn't. I don't know bitfarms business as intimately as Argo's, so I can't confirm or deny statements made by you, but I know the throwaway comment at the end saying it was better on every metric set off my bs detector and simply won't be true.
but ignore all these metrics
-Has less debt than Argo
-More cash
-More EH online
-Much higher productivity
-Larger HODL
-More power capacity built out
-More EH of machines paid and funded
ArgoBull, you have admitted you don't know even the basics about Bitfarms position in the market, yet you were immature enough to refer my entirely factual posts as firstly nonsense then secondly in offence of your BS detector, whatever that means. I've already set out for your the position on every metric that Chaebol has since latched onto. Argo trails Bitfarms in every one of them. You seem to find that somehow impossible to believe, that is a feature of your personality over facts. These are public companies after all and it is really not that difficult to be a bit of due diligence. It is not about "having an issue" with miner X or Z, it is all about dispassionately examining all of them and the investment case for each; against each other, the sector and the wider economy.
General statements with no figures. Figures please.
Always the way with that lot AB
I know LA, just here to try and rubbish Argo day in day out. Argo still standing guys, sorry if that upsets you.
Not much pro mara talk these days, funny that.
Argo bull, I really shouldn't waste my time on you any further, but what the heck:
-Has less debt than Argo ($75m v $115m)
-More cash on hand ($42m v $12m)
-More EH online (3.6 EH v 1.9 EH)
-Much higher productivity (120-130 BTC produced by BitFarms per EH last 3 months v 95 BTC per EH produced by Argo)
-Larger HODL (3144 v 2192)
-More power capacity built out (132 MW v 120 MW)
-More EH of machines paid and funded (6.0 EH v 3.9 EH for Argo, $50m needed to fund intel backed machines to 5.5 EH)
We also know more about Bitmains present position than Argo as they are more transparent. Argo will release their monthly update in a couple of weeks which I suspect will make for pretty grim reading. Bitfarms on other hand couldn't wait to update the market to do. As an example of the difference on disclosure, Bitfarms had the luxury of purchasing 48,000 MicroBT machines last year for $38.5 TH, on of the lowest machine price purchases announced by any public miner; contrast with Argo who still refuse to confirm what they paid Bitmain for their 20,000 batch of S19 machines (n.b. almost every other miner who have bought S19s from Bitmain have confirmed the price paid, see Mara & Riot for examples...) None of the above precludes Argo as an investment, but they aren't as well positioned as Bitfarms - it is blindingly obvious.
Wasnt trying to 'latch' on to your excellent posts, just like always the rampers take one line out of a whole essay and ridicule people.
Bitfarms has been a **** show with the btc hodl sell, however at least they've addressed it and like you say, an excellent transparent monthly update on the first day of the month.
I think its blindingly obvious that Argo are one of the worst miners around now, the numbers prove it. Yet we still have this everything is wonderful in argoland spiel. Argo monthly update gonna be a **** show imho and if it isnt they are putting heads in the sand and hoping for btc revival.
Will be interesting to see Argobull rebuttal here or like most facts just get ignored x;)
I'd argue with some of your figures, but my main issue is you are very backwards looking on Argo and not understanding, or just ignoring, Helios. I don't deny that Argo has had poor production this year until now. And yes June update next week is very important. Let's wait until it is released before deciding is content though.
But appreciate you supplying some figures as most don't so thank you for taking the time. I didn't like bitfarms recent actions around ATM and hodl buy/sell. None of the miners are perfect.
Back peddle back peddle haha
You'll be in the green box at this rate rookie, speading the truth so recklessly here :)