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Depends what his job was?
Everyone sold at the highest point no doubt :)
Sure u have matey lol
Sold the last of my crypto in cleanspark on Friday
I can't complain with spark and corz I earned the equivalent of 8 years salary profit if I was still working
That's more than you have Spitfire haha
I sold the last lot I was holding in February when the rally fizzled out but this isn't about that. I simply continue to be amazed by the valuation and follow with such intrigue, especially as I'm invested in gold miners lower valued than Argo with no debt and on for posting $25m profit before tax this year!
@Harchris - what price did you sell at?
If Argo's direct costs remain at the same level through Q2 there is a very real chance they won't even see any gross margin this quarter - i'm not sure they've ever been in a position where electricity and hosting costs add up to more than they are bringing in in revenue.
Here's a few more days to see clearly that a drop of 50% is happening now that fees have reduced and difficulty has adjusted upwards.
April 12th: 32.3
April 13th: 30.4
April 14th: 29.5
April 15th: 31.7
April 16th: 29.1
April 17th: 29.7
April 18th: 30.1
April 19th: 30.8
April 20th: 57.3
April 21st: 25.2
April 22nd: 21.2
April 23rd: 25.2
April 24th: 19.6
April 25th: 16.2
April 26th: 16.6
April 27th: 15.7
April 28th: 15.5
Argo will start May mining 1.5 coins a day.
I don't follow Corz like I used to but their daily mining reporting gives a little insight into what's happening re fees and post halving, albeit I think they're also installing new machines alongside. Here's the last few weeks for example:
April 12th: 32.3
April 13th: 30.4
April 14th: 29.5
April 15th: 31.7
April 16th: 29.1
April 17th: 29.7
April 18th: 30.1
April 19th: 30.8
April 20th: 57.3
April 21st: 25.2
April 22nd: 21.2
April 23rd: 25.2
April 24th: 19.6
April 25th: 16.2
100% agree; absolutely not a recommendation! Suits me and my investment strategy though.
Once again thanks for your thoughts 🙏🏻
Btw I'm not suggesting you should buy it (or anyone else), you never quite know with Corz and it doesn't get the same surges as others, but I do like an underdog
Might be a value trade for me at some point then.... Love a good re-rate. I'm guessing they'll run late though.
As of March they're down to 26.85 j/t - currently deploying S21s will pull that down further. Presumably they'll be ditching the regular S19s now halving's happened too. They will never be the most efficient miner because of over-expansion in last bull - but then they're not valued in the billions either. When economics improve at least machines are always readily available, whereas MW pretty finite, and they own more of that than anyone.
Thanks, good to know they've got new management in - but the 30 J/T needs to change. They have good power costs at 4.4, but not exceptional. I think it could be a wise move to sell some sites and use the funds to upgrade their fleet - depending on what price per MW they could get.
Keep in mind that with 15 J/T you get twice the hash in the same amount of infrastructure so you could end up with near the same hash but with lower input costs. Or just do the usual bitcoin miner method of diluting shareholders to oblivion.
Thanks guys… Personally gone on quite hard as I believe the fundamentals lean towards great growth BTC dependant obvs. 👍🏻
Why did they go bankrupt in the first place?
They didnt do places vs RIOT and MARA. CORZ went and borrowed the money for its machines etc and that set the tone when the bear market came in, and then the BTC hodl was a forced sell and then the 120 milion ATM they had with RILEY i believe, fell apart as the sp cratered. they were unlucky tbf.
I am looking at them thinking they are still undervalued but all of them are imo. More MARA for
me at this time!
GLA
The bankruptcy came about as they borrowed an enormous amount in the heady 2021 days when lenders would throw cash at absolutely anything while fed rate was near zero. Old management presumably thought btc would go up forever, but by December 2022 when btc dropped below $16k, there was no way they could continue to service that debt.
Nothing more sinister than that really, but that baggage has probably fed into market perception and held it back, because compared to peers it's priced at rock bottom. The good news post-emergence they have new management and despite the financial woes they've been consistently top tier operationally, maybe the best imo - helps that they own all their own infrastructure.
I'm not sure about them. Why did they go bankrupt in the first place? Their presentation is giving a guide of around 30 J/T fleet with 4.4 cent kwh costs, but on another slide they gave a cash cost of 15k to mine, but my calculations yesterday show that with these figures you're looking around 50k post halving direct costs at current network hash so I don't think they are generating much cash.
Share count will go from 177mil to 402 mil on conversion of Notes/Warrants which is 2.27x the current count so you have to take this into account for mcap. It would extinguish debt and give them some cash, however they need to upgrade their fleet which will be expensive.
However the fact that they went bankrupt means I'm reluctant to touch them so think I'll leave it.
https://s29.q4cdn.com/356375974/files/doc_financials/2023/q4/FINAL-CORZ-FY2023-Earnings-Presentation-031124.pdf
Anyone giving CORZ a shot?