The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
CIFR having a strong week (and last week). Which is nice.
Saving grace might be that last month they had 1k in form of "costless collars", so let's hope that overall hedge reduction signals this just being a weird phase. But would have liked to see overall hodl go up in a month with what should be greater overall security from any risks anyway with bond payback.
Hedging in this game is a total waste of time, they are never going to out trade the market. Holding only proven long term strategy. If they are running scared they have option to hold a bit more cash to protect against downside, but otherwise only play has to be juice the balance sheet and go balls to the wall.
And Abu Dhabi is mining lower numbers per EH than Argo.
Agreed HC I was saying to a mate a few days back its like Mara have lost faith in BTC, on the cusp of a bull run and theyve paid off 420 million in debt doubled its share count in a year and now hedging btc, its way, way, way, too conservative.
Imagine if mara had decided to buy btc with 420 million, instead of the debt pay off.........theyd be 30 points up now........ they did it with 150 million btc order pre bull run 2021.
What has happened to the bullish nature of btc within Mara execs? cos I cant see any at all.....and then the fooking methane site which invariably always end up as hot smelly air and little substance.
Go and buy some S21's and start using all this capital we have ! its getting tiresome.
Hedging now on top of the 2026 convertible notes exchange, does seem strange... Are Mara execs just playing it super conservative now, essentially guaranteeing survival long term and guaranteeing healthy paydays for years and years to come, at the expense of potentially much greater upside?
"The company also continued to hedge a portion of its BTC holdings. As of October 31, 571 BTC were pledged as collateral and no longer on Marathon’s balance sheet."
What does that mean? Are they hedging against BTC price drops? Don't they know it's bull time now? Makes more sense to do that after ATH? Are these 571 BTC at risk now? Then they want you to vote in more bonus shares. Seems the easiest job in the world to be a mining exec
Lol lots of good headlines if you get it wrong. Just going over mara monthly update, loads of mistakes and weird stuff tbf has Alex found a new job ?
The company also continued to hedge a portion of its BTC holdings. As of October 31, 571 BTC were pledged as collateral and no longer on Marathon’s balance sheet.
and 571 btc are missing from the hodl........These are not good mistakes to make, id rather mara delay the update than make these stupid errors, its inexcusable.
As I was saying recently the market is far more awake to realities this time around than it was in 2021. Argo isn't going to see a significant move that holds for anything more than a day or two unless BTC balloons to a level that actually makes a significant, real difference to their future survive and outlook. Only money to be made is immediately on the spike.
This time around we've seen BTC rise from $27K to $34.5K (~28%) and Argo goes from 7.5p to 8.8p (~17%). When you're not seeing outsized gains on the upside there can be no doubt that holding BTC is the better option.
At this rate wildtiger's going to have to google things like Polkadot, LAYR or ASTRA, or even equity in Emergent Entertainment, to explain why holding those on the balance sheet in favour of btc this year was a good idea ;)
I think it's also fair to say that Argo has done just about everything it can over the past six months to keep itself in business. It got a placing away swiftly which meant 10p rather than what would have been lower a few months down the line, it has brought costs down to a level where cash break even is a possible reality, they are buying themselves as much time as they can in the hope of reaching a bull run, they might even make it to the halving.
The damage was already done but given the corner they were backed into recently at least I don't think they could have done more.
It's a really good narrative for the industry so I'm glad they've done it.
With btc at these levels they sadly now look like wallies dumping their entire holdings throughout year - and that's not me saying just with benefit of hindsight, said same thing at time when they carried on even in month they raised £5m and mysteriously seemed to opt for some sh.tcoins instead.
Cashing in on trash CLSKBull.......... lessons learned for many a Argo Shareholder x
https://ir.mara.com/news-events/press-releases/detail/1330/marathon-digital-holdings-announces-energization-of-its
To be fair I think it's their most efficient month since 2021 (excluding May when the fees were so high) - though still very poor compared to other miners. So as far as ARB monthly numbers go it's probably as good as it gets, or that could be expected. And released in good time too!
Interesting that Argo has got the monthly operational update out timely for a change. Hope this is a positive sign for more robust management going forward.
51 BTC per EH.........shocking.
21 btc left 3 days ago..............that strong focus on operational excellence is gonna bear fruit x;) buy more of this 5hit x
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for October 2023.
During the month of October, the Company mined 143 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 4.6 BTC per day. The Company was able to increase its daily BTC production in October by 2% compared to the prior month, despite a 7% increase in the monthly average network difficulty in October compared to September. This is primarily due to fewer hours of economic curtailment at Helios in October, along with a strong focus on operational excellence across the Company.
Mining revenue in October 2023 amounted to $4.26 million, an increase of 19% compared to the prior month (September 2023: $3.59 million). As of 31 October 2023, the Company held 21 BTC.
This announcement contains inside information.
Why thank you for posting something incorrect, incomplete and out of date?
I posted the exact figures yesterday and these stripped out the anomalies, were for Q2 as well and, unlike these, included depreciation and share awards.
Nice try but it’s best to check third party data before you post it and not simply trust it. Always go to the actual accounts to verify anything - including anything I post :-)
Mara has found its rightful place at the tip lol.
But seriously, indexes moved nicely after fomc which has strong correlation to miner movements. Miners up while bitcoin dropping is always nice to see, we've got a good way to catch up to July prices. Market feels like it wants to carry on though, let's see.
This is cash cost break even rather than actual break even and stops at Q1 2023, have you seen just how much difficulty has increased since? At least assume 20% higher for Q2 and 30% higher for Q3 compared to that Q1 figure.
I think that then aligns with Hexam's cash ~ $36K cash break even and closer to $50k group break even.
Https://theminermag.com/data/arbk/argo-all-in-bitcoin-mining-cost/
Thank me later
I just hope Mara says 216 million shares authorised on the q3's Nov 8th. x;)
Could we have 21 days of no dilution x;)
Mara even making a token nod towards ESG by somehow running some machines off landfill (insert joke about Argo's balance sheet being the fuel), probably a bit boolax but after the offering shenanigans let's hope this is the starting example of them showing off their best behaviour 😜
2x 100k buys near the closing. Someone is building a stake