Member Info for Blubay

From time to time, company people or partners/suppliers may be granted options to buy shares in the future at historic prices. These were granted back in early 2020 at 7p a share and the grantee has just chosen to exercise them now by buying them at the price that was agreed then. It's not the same as 'dilution' of new shares as we have always known and published what options exist, so it's not new news and a very small number in the overall scheme.

or could be PW?

will be from way back, early 2020 at those prices, maybe former Board member

it's being sold, which is not the same thing

keep an eye on it as BITF will start to look overbought at this rate

ARB paid $17.5m for the land (160 acres + option on 160 acres), the permissions and the preferential renewable power deal (under 2c per KWh). It's not any old scrub of land, there's basically only one plot directly adjacent to the power station. Then add the buildings and power infrastructure for phases 1 and 2 ($130m), so say $150m, then the cost machines for 200MW (mix of new of old).

RIOT paid $651 for Whinstone (100 acres), on a lease (long term), three buildings (190,000 square feet), with a power supply contract (2.5KWh), with 300MW of second hand mining infrastructure (capacity for expansion to 750MW). It's really not that different.

The advantage RIOT gained was in buying a going concern, rather than virgin land, to start mining immediately in the bull run, increasing their hash and hodl. Then again, their share price has performed worse than ours.

There are alternatives, it's not a given. Most miners will be selling their BTC hodl at peak cycle (early 2022?), then invest for the bear market. As PW said in the presentation, there are three levers you can pull (loans, share raise, sell BTC) and we've pulled two of them. Alternatively, stake the hodl and use as collateral for loan. Also the costs on phase 2 of the 200MW in 2022 will be considerably less than phase 1 if we are switching to second hand machines in immersion. All the miners have diluted and all will do it again when conditions are right but doing it now would be silly and is not going to happen.

More machines added, more Bitcoin mined, increased profit margin, hugeincrease in hodl, BTC ATH!

indeed, on the one hand he's a fund manager specialising in undervalued/mispriced securities 'based on an appraisal of the key fundamental business drivers' (hence not a good look from an insider information angle), on the other hand he disclosed all the detail on Twitter and there wasn't really anything in there that attentive share holders hadn't already gleaned from other sources and briefings.

"Fundamentals aren’t that bad and it’s defo due a rise/pump to its early year highs."

CCNC financials look pretty dire, they appear to be nearly out of funds with no collateral assets or IP to leverage further debt and no income to pay off their existing debt. Presumably they can try a share raise if enough people can talk up the imaginary before someone pulls the rug. Part of the problem is that we already have a way to clock 25% and more on existing mining machines, without the cost of developing a new chip. that's what Argo are doing in Texas.

"its just not reflecting the crypto prices increases lately."

nonsense Dessy, it's been tracking BTC price almost exactly for the past two weeks, other than this morning

with respect, you're over-reacting and overly pessimistic, most of that info is framed as speculation and would be considered public domain by a different lawyer, the share price hit is evident and only moderate at best.

other than reputational loss

in this particular low level example, basically zero?

all very predictable and encouraging, ongoing accumulation and supply squeeze will in the end impact availability and price when the market demand returns

on the assumption that we are now going for a mixed strategy, including second hand machine immersion and migrating machines from Canada, it might be

Think we might be moving to quarterly results, which is more normal on NASDAQ and for larger companies in general. No harm in continuing operational updates of course but as the performance becomes more stable and predictable there is less to say on a monthly basis.

hahahahahaha

think you'll find the Twitter thread is very informative (and would be all welcome news if it had come by the official route)

Yes, but their shares are also roughly equivalent to our ADRs, so you can probably divide out shares by ten for comparisons