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Just a head's up. Some of you may remember me from the 5 pence days. I spent days ramping this to the Americans before it even got listed on Pink. When it did, the Americans bid it up and London did what London does so well and sold, sold, sold. Even PW seems to have sold most of his options. Fair play but his vision can only extend to £2.50 it seems.
Meanwhile, in the States, Marathon, have just raised for the third time in a year, for $700m spending most of it on the latest XPs, taking their 2023 projected hashrate to 23.3EH. They don't waste money on data centres because cheap renewable energy will be plentiful in the coming years. Data centres are a waste of capex. The SP will spike again above $100 and they will raise again for $1bn this time probably. It all becomes self-fulfilling because they are on the right market and the management have vision to expand.
My advice is sell this turd and escape London altogether. A 1% FX charge is great value to avoid this graveyard market. Go and buy Marathon shares at $40. Thank me at $1000.
From the guy who said £3-5 at 5 pence.
https://www.coinwarz.com/mining/bitcoin/hashrate-chart
Yeah, there was the April dip owing to the blackouts. Then it recovered and peaked above 200EH before the recent dip. This has been on the decline for 12 days now and I can't think of any other reason that the Chinese turning off due to CCP pressure.
Hello again. I have just logged back in here to point out that after the Chinese FUD of this week the hashrate has dropped. This would suggest that the Chinese are turning off their miners. Are they switching to other cryptos or are they looking to sell these machines in a fire sale?
We already know of PW's shrewd purchasing of the ZEC machines. Could the Chinese switching off be a golden opportunity for Argo to upscale at a much reduced cost compared to Mara and Riot, who I believe are contracted to buy their machines at full whack?
Musk highlighted the need for bitcoin mining to be renewable. Ergo these surplus Chinese machines need to be relocated to cheap renewable North american energy. Argo still need to fill the 200MW data centre. If PW plays his cards right we could see Argo outperforming the other crypto miners in the market.
https://www.coinwarz.com/mining/bitcoin/hashrate-chart
Tiger - like anything else this can go to zero though this is unlikely. It will more likely drop to a level predetermined by whales and Institutions to be low enough for them to buy into.
My guess is 30K, though 25k and 20k have been mooted.
Argo will likely follow Mara and to a lesser degree Riot. Watch what happens to them this evening for clues as to how Argo will open tomorrow. At this stage you may as well ignore the price action in London, as the US drives this stock now.
I'm hoping 30k is the level the big boys want. 25k would be a 40% retrace which might be too much to ask. 32k doesn't seem to be holding based on the weak price action since today's low. It's a shame because I think i will have to trim my Mara spread bet a bit this morning. Two to three week retraces do happen with bitty bull runs though.
Does it explicitly say they won't be buying btc with any part of it? Is there anything forbidding them from doing so? Maybe they have contracts already lined up to use the full amount. Maybe they don't. If they have more than a few million for cash flow in their treasury do you think they would rather hold dollars or btc, what with them being a crypto miner themselves?
If I were them I do a Microstrategy and get a hodl pile to add to the world's biggest (public) mining capacity EOY 2021.
Sure they can use it for further ASICS but their schedule is already filled until Dec 2021. Maybe they can add more in 2021. I don't know.
In the time between taking the $250m and spending it I wonder if they know of any good asset they could convert their increasingly worthless Fiat into so as to protect themselves against inflation?
My dream is that MARA are using the proceeds of their direct offering this AM to buy BTC in the PM.
This would be extremely bullish for crypto and Argo. If the stock market agrees with this it could lead to a self reinforcing feedback loop of Fiat death. More companies will borrow to the hilt in Fiat and use it to crypto treasuries sending Fiat crashing and crypto skyrocketing.
USDBTC could invert.
Pearls please value Mara, Riot, BTBT, BITF, HUT8 and Argo then report back.
Genuinely interested. If you think they are all overvalued then it would suggest you are in the wrong. The market is the ultimate arbiter of value.
There's too many dipsh.its on here. If you have sold up then no-one gives a toss. BBs are for forward looking information not sad bas.tards looking for confirmation of their investing decisions. Likewise, if you are day/swing trading your own rules, no-one gives a toss when you enter and exit a trade as it means nothing in regards to the underlying fundamentals of a stock.
So, stop being pussies, grow a set of balls and quit posting gibbering nonsense on this once great BB.
Cameron, it is up to date. The last dot was put in Dec 18th. Presumably the next one will be updated next week or the week after.
With modern technology people can make charts that update automatically so even a chart made in 2019 can still be up to date in 2021. Either that or the bloke does what I do every month with my charts and update them every month.
Either way, this chart is updated and it predicts that we are still in early Summer of the bitcoin cycle. Hold until November or until the dots turn red. There are other useful timing charts on that website. Fundamentally, people selling now are just lucky idiots that don't know what they hold or its true value.
If you are considering selling in January then you haven't done your research. You might have an argument if this was October but the fact you guys are selling now tells us you don't know what you're doing.
https://www.lookintobitcoin.com/charts/200-week-moving-average-heatmap/
I'm a numismatist myself actually though I prefer banknotes. I have some shinies as well but they are just as a financial backstop.
Banknotes are where you get most bang for your buck. Awful investments for the most part but much bigger and prettier than coins or stamps.