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I don't know about that but I think we can expect some moves above $40k this month. It will need to go quite a bit higher to rerate share buying interest in the Bitcoin mining sector (not just Argo).

As usual AB is on the money. This is end result of a sequence on smart moves. The dispute resolution with Celsius converted the old leased machines into solely owned machines for a zero sum consideration (i.e. swapping around $6m cash in exchange for the $6m Bitcoin mined). As the machines then belong to us, we could move them to Texas. Moving them costs us and Core a lot of hassle and money. Ideal solution is that Core hang on to the hash already installed and we take delivery of the machines they have on order direct to Texas, adding to our existing monthly deliveries from Bitmain. We overclock them and thereby increase our existing hash significantly from the same number of machines.

go on, even you can concede just a tiny bit that it's a good business move ;-)

@Addisonshare - "Excellent, the infrastructure is in place to start real testing by the end of the month mining actual BTC,"

They will not mine actual Bitcoin. There is no actual mining option available yet. Listen to the interview @03:00 - "of course the number of qubits available now is not sufficient to basically mine... but what we want to be is in a position, when the available number of qubits would be there, we are ready to mine...one year, two years...we're waiting for the industry ...we can start trial mining as soon as the end of this month...that doesn't mean that we will mine but we will have in place a facility to test in real time..."

9.56% speed increase? Is that a decimal place typo? Surely you'd get three times that amount by overclocking a traditional ASIC rig in immersion?

so far you have an interesting problem, an unproven idea, no concrete results, no product, no patent and no Bitcoin. What you do have is a broken down data trailer, cash burn and impending dilution. Everyone in the market knows this is nuts but best of luck to anyone who's making money off it, I guess

@DSflat “ QBT RNS might be of interest to some Argonauts”

I doubt it, it looks like nonsense and again appears to have no actual substance. Emperor’s new clothes.

"Have to build 2 more ware houses for those transformers right ?"

I think you mean three more sheds, making four in total, if you wanted to build out to max 800MW on past current assumptions (although overclocking, Intel accelerators, and bespoke-assembly may radically change our assumptions about number of machines and racks needed per hash).Having all the electrical infrastructure in place is a bold front cost but it knocks millions and months off the cost/time of future expansions, and de-risks potential build, so that the amount of any future raise would be correspondingly smaller if that option was needed say in a year's time. Bird in the hand, makes good sense.

@insider - "Shows how dodgy ARB is and how unpredictable hey."

you do talk some nonsense, ARB was the highest riser yesterday and fared less badly than the other miners again today, on the 6.5% drop in BTC price (ARB fell less than 2% so it's up relatively as expected on news). Actually, up 12% in past five days with BTC almost flat, so yes, should be up and is.

Yes, CLSK have been doing well recently

BTC -6.1% today

MARA -6.4%
HUT -5.9%
BITF -4.9%
HIVE -3.9%
RIOT -3%
ARBK -2.7%

I'm really impressed with what I've seen of NYDIG, might move my Argo holding there ;-)

"I'm not sure but my reading of it, by the way it is worded, is that the funding is for the new transformers and is secured by those transformers"

Yes, that's another way of putting it. The net result is the same. The trick is in front loading, rather than pacing out, the heavy lifting on electrical infrastructure because that raises the overall asset value of the production ready site. By doing that the company's balance sheet assets are increased in value and the debt/asset ratio remains broadly neutral (even though numerical debt increases). If you did the opposite and front loaded machine spending that's a rapidly depreciating asset that would not be leverageable. The point is that, in effect, you can leverage the same capital twice by spending it on asset appreciation and collateralising the value that adds in what appears as a roughly neutral outcome on the books.

"it's a few million in interest a year "

it's £1.7m a year not 'a few' million

Very risky strategy when regulation could exploit verification of renewable energy tags of origin attached to coins. I'd be concerned if I was mining on coal, although appreciate that some US legislators may need votes in the Montana coal fields they are in a minority

@Chuz - no, you have misunderstood. We chose to buy extra electrical machinery above our needs for the 200MW development (i.e. for 800MW). That machinery adds significant value and agility to the Helios site. We are now loaning against that added value to spend the money on other things (presumably mining chips/machines). If you read the other thread I have tried to explain it as simply as I can.

...not to mention their massive reliance on burning coal to mine BTC. Given the tone of yesterday's presidential order I'd be quite concerned about that, which is why I would be looking to invest only in US miners that have significant or exclusively renewable energy mining strategies already in the bag. I would say American miners have about six months to address their energy positions before public recommendations on regulation or taxation are made. Clock is ticking.

Like all business accounting there is an element of smoke and mirrors, and robbing Peter to pay Paul, but I think it's a smart move to make the extra outlay up front and recycle the value added rather than pacing out the infrastructure over multiple phases. It adds value to the Texas site as an asset. It also makes any subsequent development phases beyond Phase 2 both quicker and cheaper - plug and play rather than constrained by long lead times for these key components.

@Hexam - "Such risks don't keep me awake at night, "

indeed, yes, I should have said there isn't any out of the ordinary insolvency risk, Argo is in a favourable cash position relatively, but there is always risk in any business and margins in this sector are volatile and difficult to predict

The ‘smart’ bit is that the installation of the electrical infrastructure probably raises the value of the Helios site as a business asset by that amount, so although total debt is raised the debt/asset ratio is probably not increased in accounting terms.