The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Various Q1's have now come out and I'll be honest, they are not good at all.
WULF was out last night, with ultra low cost to mine, and still made a loss - mostly due to interest payments.
CLSK was one of the best and scraped a non fasb profit, but nothing earth shattering.
These were all pre-halving, and clearly Q2 results are going to be dire across the board.
The miners really need bitcoin to go up, and I must admit that I'm getting concerned about holding them just now.
Fundamentals don't add up. On the other hand I think bitcoin will likely run at some point in the coming weeks so selling just before a run would be silly.
Yes although miners were all minimum 30+ J/T with the 17 series around 45 J/T. With new miners at 15 J/T there's a factor of 2 or 3 on the positive side.
But overall definitely harder conditions now.
Wednesday is a pivotal day with inflation stats - if they come in low could spark the next run and allow us to forget about fundamentals for a bit.
It will all look better when BTC runs, but my prediction is that WULF will get recognised for good fundamentals next week and hopefully start moving up a little. I can then chop and change again. Fundamentals are valued just now and Mara hasn't got them.
MB - yeah took a small hit, but better than a big hit.
Looking at the cash cost numbers - 90 mil direct costs, 20 G&A (excluding the 50 mil bonuses), that's 110 mil direct costs. Does not include R&D, interest, one offs etc that make it much worse.
It tells me they are loss making just now with negative cash flow.
They aren't going to sell the BTC hodl - so that means shareholders need to subsidise them via ATM until Bitcoin is at a better price. Ugly results.
Https://argoblockchain.com/job/manager-of-financial-planning-and-analysis
"Reporting directly to the CFO and collaborating closely with Argo’s executive leadership and finance teams,"
Sounds more like Seb's role? Is he still there I can't remember.
Mara's results will eclipse CLSK's due to FASB giving them around $2 EPS. Makes sense for them to release pre-market based on this and looking bad vs MARA, however certainly wasn't expecting it and they should have given warning as their news item had said "Results will be released after the close of regular trading on May 9, 2024."
It seems that IREN is becoming the new CLSK and getting a lot of attention.
Fees are .1 to .2 just now, you can see it with your own eyes. If Runes pick up again then it changes and we see large fees, but for now you're looking at a 45%ish drop in revenue (in BTC terms - obviously BTC price jumps all over the place).
Fees column here:
https://explorer.btc.com/btc/blocks
Seems a bit high HC.
I still think they eek it out until Galaxy kicks them out, and I still think Bitcoin runs before then.
But will there be enough demand to close out the debt via a raise? It would have to be a pretty heated run.
There's no story for investors to get behind. Even QBT has a better story and will likely out-perform.
How heavy are you in this Spitfire? Seriously the fundamentals on this tell a terrible story.
You're reliant on BTC mania for this to go up - which could well happen to be fair but they'll take any strength as a dilution opportunity.