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"‘~$0.02/kWh’ was plastered all over the investor presentations - and ‘$0.04/kWh’ for the facilities in Canada"
Unfortunately these investor presentations have constantly been incorrect & very misleading to the gullible ... Argo where still claiming 1.7 EH in one presentation had been installed for many months knowing full well it was only 1.6EH
Last year claiming 100 % ROI on new rigs in only 8 months, at a time btc had hardly moved .
I really don't know how their able to get away with it, especially the RNS which are often wrong too.
‘~$0.02/kWh’ was plastered all over the investor presentations - and ‘$0.04/kWh’ for the facilities in Canada.
$0.02/kWh was sold to investors as a fixed price, and that curtailment was the only risk to mining and profitability.
The ~85 BTC per EH is utterly, utterly atrocious.
With each passing month, ARB increasingly appears to be a masterclass in mismanagement. Times are only going to get tougher and, if PW doesn’t pull his finger out soon, ARB will go under before long.
"These were sold as ‘fixed’ costs ?
2 cents per killa lol I called it bs then, oh look lol ;) it’s bs."
Yes it was no surprise, a quick search & miners tell you they pay different prices between summer & winter straight away
Rookie don't forget these terrible monthly mining numbers are including the zcash equivalents also, making the BtC per EH even worse than it appears
Not worked the zcash for a few months now but was equivalent to 12.5 btc the last time.
These were sold as ‘fixed’ costs ?
2 cents per killa lol I called it bs then, oh look lol ;) it’s bs.
Rory unfortunately the RNS also goes on to explain the electricity costs have gone up. Doesn’t say anymore than that, but we know it obviously isn’t two cents anymore.
exactly Rookie; that is the point. PW got everyone "hot and bothered" in the May update, when he confirmed the "dismal" BTC numbers were due to Terra Pool & "Probabilistic outcomes" (as well as downtime); In June there was literally almost no improvement (if you look at no. of BTC per EH), considering the new rigs that came on-line. PW elected to say nothing, but he certainly knows investors can connect the dots. As of late, In my opinion, PW likes to high-light the easy-wins, and remains silent about the real issues, although he knows "we" are watching.....it feels almost insulting. Does he think we have forgotten what he said in the May update..?
double digit % gain, today, OK. big deal. I am not a day-trader, so I could care less.
The very poor productivity levels are a concern, Argo is at the bottom of the list when measuring BTC per EH (save for Mara who are almost offline completely). Argo mined 179 BTC in June, but had they been as productive as Cleanspark they would have mined 262 BTC - so that's a loss of up to 83 BTC in a single month. To demonstrate how poor their EH output is. Argo are now up to 2.2 EH and are supposed to be growing that to 3.6 EH by EOY / Q4 once all S19s are installed. But on their current productivity levels that would only be producing around 315 BTC a month (which will also reduce by EOY as network difficulty expands). To put that in context, that is less than HUT mined in June with 2.7 EH online.
Riot, Mara, Hut, Ebon, to name a few
coolmax: I would like to know which miners are "double digits" at the moment...?
Just can not believe what a dog this share has been, most mining companies are double digits while this contniues to lag and sleep
JJ65 - I try and work my way through the detritus, to get to the reasonable opinions. I like to read all.
The drivel i can filter out.
What would be a shame is if this board turned into a the management is always right and could do no wrong (yes men), that is a dangerous path.
But agree any condemnation should be backed up with reasonable opinions.
0.02$/kWh
@HGN, of course you can absolutely voice an opinion. But, if you truly believe that the CEO is deliberately misleading investors (both institutional and private) then personally I wonder what your purpose is here. Why would you still be an investor in a company you believe is "in a death spiral".
What the original post said isn't an analysis of what is going wrong in any way shape or form, it adds nothing. What it does say, is that the person posting (and others on other threads) believe that the CEO and board are Deliberately misleading investors.
OP stated "He has well and truly hoodwinked a great many retail investors and several institutional funds"
This is serious. If you believe this and have evidence, then this needs to be reported to the official bodies responsible. Unless of course, the people posting this sort of thing are just spouting off for no apparent reason? This type of post isn't an alternative to ramping, it is a claim that has serious implications.
JJ65 - can you not be an investor but yet voice an opinion as to how the company is being run? How would a company know what its investors thought, if all management ever heard was that everything is wonderful and brilliant, even when it is not?
@calamari, nope. This board is mostly pointless. But, I fail to understand people who come on day after day and say stuff like Peter Wall has "hoodwinked" investors and institutional funds as well as some other pretty slanderous things and still claim to be investors. Personally I think you'd have to be a complete moron to invest in any company where you believe the CEO is actively misleading investors. If that is your belief, then my suggestion would be to sell while you're ahead and move on. Some people here feel like the jilted ex who can't let it go. As for wetting myself? interesting you should say that, because a lot of what some people post here does make me wet myself laughing. If you truly don't believe in the board/company then I fail to see what you could possibly gain by turning up here day after day voicing opinions on a company you have no stake or interest in.
I'm assuming you've cut your losses, sold up and moved on then?
Peter Wall is a complete tool IMHO. He has well and truly hoodwinked a great many retail investors and several institutional funds. This is not a positive update in any sense. They’ve sold 600 Bitcoin this month alone to service high debt. None sold last year at highs when the debt was serviceable. Argo is in a death spiral. The production numbers are pathetic- whether it’s the pool, the lockdown times or installation issues at Helios or probably all three these numbers are laughable. No real explanation in the RNS and more than a hint of desperation in the tone. Shambolic!