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Thanks Hexam for your thoughts. There's likely some positives in the report but I'm not seeing a lot unfortunately. Again they are painting a different picture in their announcement to what is in the detail of the report. This isn't enough for me to come back in. They are still in with a chance though if BTC runs this year (which I still think it will).
It seems the London listing is actually an advantage for them as people don't want to pay the fx charges for US miners - and as the main btc mining play on the LSE, a proper bitcoin bull run will give Argo chances they don't currently have.
Not looked yet but here's the full report: https://assets.website-files.com/61817e625cc1f4f31f76f168/644b235041f5c313e4bd515a_Argo%20Blockchain%202022%20Annual%20Results.pdf
Makes sense - although they need somewhere to put them of course.
The other thing is Bitmain have promised details of a new miner (details meant to be this week but nothing yet). So really depends what that looks like.
CLSK - was going to do Mara but CLSK earnings coming out soon and I feel they go to 6 at some point soon if BTC holds up. I like WULF but it's not offered on IG. Looking forward to seeing Argo's results tomorrow though to see where they are.
Fair enough Hexam, skimming the article below I think it's just a bit harder to set up a proper dual listing and has additional reporting requirements on the US side. Definitely would have been too much for Alex to handle. However I don't think the ADR status helped Argo - funny enough the OTC did more for the company than NASDAQ did. Of the Canadian shares, the last time around HUT did the best (seem to have made a mess of things now though) and they don't seem to have the same ADR requirement.
Really I'd like to see some honesty from them (eg. why is BTC per EH so low. What are the hosting fees, how much hash do they have online (not capacity!!), Pluto/epic/intel status, etc). If it's just more bs they won't get any love. Very interested to hear what they have to say tomorrow and the read through the results.
https://www.skadden.com/insights/publications/2023/04/factors-for-london-listed-companies-to-consider
Expecting some further machine announcements from some of the miners. Discounted XP's again:
https://www.bitmain.com/en/pizza
I'm not holding any Argo, but will be watching with interest. I think there are people interested in coming back in, but it would need to be something they could back.
However, my prediction is that they might do this:
10 to 1 UK share consolidation to reduce shares to 50milish.
Why? So they can get rid of this unloved ADR setup. It would also potentially give a better platform for future fund raises. Guess we'll see....
You have to be strong headed in this game as there is constant bearish/bullish arguments - often both very convincing at the same time. However if you're too strong headed you'll stick to something when it has effectively been proven wrong and you can't let go. I know all about this obviously so understand where he is - and he'll accept he's wrong in the coming months is my prediction (although will claim any dips as a victory along the way). I'm still thinking there might be another deeper dip before we go higher, but would be happy to be proven wrong. My trading account is clear of positions.
Capo needs to concentrate on his risk/reward profile. Let's take 16k as the starting point where it was definitely going to 12k. So it has since gone to 31 - 15k in the wrong direction - for a 4k potential reward. Crazy stuff.
Yes, I think you'll find that humans are very wasteful in all sorts of activities and industries. However what is wasteful and what is good use of energy is subjective. I could point out that the bitcoin mining industry uses renewable electricity to a much higher degree than most existing industries, and encourages new renewable investment. I could also point out that the existing petro-dollar system needs to be replaced with something more sustainable. What are your thoughts on these points?
There's definitely manipulation that goes on as you see huge wicks all the time. At this point I've no idea if we're going to go down a bit or continue the uptrend. I still think PCE and FOMC will tell us the direction - we must be near to a pause but perhaps they raise again next week with the usual hard language.
MB, that article says:
"Remarkably, Arkham also clarifies that db’s tweets did not trigger Bitcoin’s flash crash. According to Arkham’s research, the crash began before db’s tweet, “as the drop occurred between 19:17 and 20:01 UTC (15:17 and 16:01 EST), and the alerts and tweet were sent afterwards at 20:07 UTC and 20:08 UTC (16:08 UTC) respectively.”"
I'm sure we'll never know the truth, but just continues to point out the dangers of leverage with bitcoin.
I have some of these ds thanks for the tip. I need to read into them a bit more though if I want to go in heavier, however, first impressions are that they will multi bag at some point. I like that the consolidation has already happened and I like the market cap. However other miners seem to be wanting to move just now (clsk, wulf, sdig), so more interested in them and will watch these for subsequent moves at a later date. However just need to find the bottom of this dip first....