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“The 50MW expansion is on schedule. The machines have already been purchased and shipping is expected to commence this month. Once those machines are racked and the expansion is energized, our hashrate is expected to increase to about 8.7 EH/s, giving us substantial progress toward our calendar year-end goal of 16 EH/s."
Difficulty has paused for the moment so will remain 17-18 this month. They are an investment rather than a trade and will go up at some point, but no idea when. Suspect a PPA coming very soon.
Lol I think Alex is available. You don't have to be good at mining to work there so I'm sure accounting skills aren't required either based on the quarterly shambles.
Clsk mining in line with difficulty changes. Mara not exactly showing their hash. One good day this month is that right?
HC, no issues with gold or any other commodity/share going higher. Gold is due a run to 3k at least, not sure why it has lagged so much. I know bitcoin mining and the volatility allows for good upside if purchased at the right time. I'm sure the gold mining industry is similar in a lot of ways.
Hard to know a target. If they take the cipher route they could go a good bit higher from here, possibly over 2 dollars. Will see what the price does and sell when I think it's done. I did like the way it closed on Thursday, still looks like it wants to run.
Chaebol, no, will take a look next week. If they are on foundry it will be easy, but if another might not find it.
BTC per EH is a relatively new measure that became popular last year to benchmark miners. Argo have never mentioned it, but I don't see how it won't be asked about in the AGM (might be asked and that question ignored though!). I think it's a good stat as it gives an idea of how well they are running their operations. Argo has been poor on this measure but there's always been viable reasons until now:
1) before Helios - the 17's were flaky with significant downtime. Helios will resolve this with immersion.
2) Helios go live - initially considered to be ramping up/teething, then discovered there was no PPA, so variable power pricing it made sense to shut down if loss making. But a PPA was coming soon so it will get sorted.
3) Helios nearly a year on - curtailment for winter demand could explain it Dec/Jan. But Feb/March there shouldn't have been curtailment or expensive electricity prices to warrant the low figures. So it seems to me that there is less hash online than we were led to believe.
HC, there's no investment case here. Raise in bull run (or beforehand) is the most likely outcome. The company is not going to be bought out as there's too much debt and not enough assets. However it is worth seeing what Seif says at the AGM - maybe he's really good at this. Investors need clarity if they are going to invest their money here though - at the moment the only things we know don't look very good. New CFO hire looked promising though so there is hope. Now he has the fun task of going through Alex's work.
Argo have had poor BTC per eh for the entirety of Helios. Last year it was (eventually) explained by high power prices, but now that's not the case so to me it looks like less hash online than there should be.
The s19j pros are approx 100th depending on the model, but you can think of 10,000 machines as 1eh.
1 eh of 17's produces the same BTC rewards as 1th of XP's. Of course you'd rather have XP as cheaper to run, but that's a different discussion. Argo figures line up closer to 1.5 than 2.2.
Galaxy said: "following the acquisition of Helios, ended 2022 with over 1.5 EH/s in Hashrate Under Management ("HUM"), inclusive of both self-mining and hosting services. GM has approximately doubled that capacity from the beginning of the year, with approximately 30% from self-mining operations."
Don't forget that Argo were hosting at Helios for a third party. It's clear as mud but does state over 1.5 eh end of year, so wasn't the full 2eh.
Normally when a company states their hash they are talking operational hash. When they start talking in funny language like capacity that's a bit of a red flag as they are not being transparent.
Ps. 1eh is 1eh
1 EH of hash is 1 EH of hash no matter what the machine type.
However it would seem Argo does not have 2.5EH plugged in. The galaxy update mentioned 1.5EH so that sounds more realistic. As to the other 1EH who knows....
That may or may not be right.
Other possible explanations are:
- these are BTC equivalents, and BTC has risen against alts, meaning BTC equivalency figure is less.
- that they are using it for capex.
"Their S19J’s 100 are really old now, and can’t compete with the faster 140 THS that others have."
Hash is hash, 1 EH of 19jpros produces the same amount of bitcoin as 1eh of XPs. The difference is the electricity required is lower for the XP's. However this can be mitigated with a better electricity price. Not saying Argo has this, we don't know and haven't been told. XP's are better machines but also more expensive so you have to take that into account also.
New CFO sounds promising on paper.
Still undermining, 2.5 should give 220 for march, but it says hash rate capacity so not sure what that means. Interestingly the galaxy update mentioned 1.5eh so no idea what the story is there.
Still assuming the annual results and strategy detail will be later this month
Haha Nogimics - I've just bought some more but you're right - can I trust any of them? Probably not - I guess the lesson is to have a number of different ones so if they do an Argo you have others as a safety. Definitely the wild west.