Helios was a well made facility built to withstand cat 5 hurricanes if memory serves me correctly so I don't think the facility would suffer the same way Riot/Mara did. Although it could impact external power supply infrastructure I guess. But as you say, it doesn't seem to have got the severe weather.
Well done Galaxy on performing a miracle - the pool is open! Happy for the people there, thought this would never happen. I'm taking it as a sign - the bull run is back on.
https://x.com/texas_spur
There's very low volume on Soluna so the price can move around a lot. To be honest I've been disappointed with it, as the share price has gone backwards. I'm still holding them as I think it will eventually come good, but if you're buying I wouldn't recommend buying exclusively - buy a few different companies to mitigate the single company risk.
Recording is here if anyone wants it:
https://s3.amazonaws.com/bigmarker-extension/831d3c886f10-1446660e7a73679f565e2ddc8be94600/831d3c886f10-1446660e7a73679f565e2ddc8be94600.mp4
Thanks Hexam - I take it you summed the revenue and divided by BTC mined for the period to get this average price?
That would give an average cost per coin of 32800, or 60+ post halving (adjust a little for block fees which didn't halve)?
Add the operating costs and interest payments near $2mil a month and it's hard to read these as good results.
The 38% mining margin is the problem Spitfire. This indicates direct costs were 62%. Now we have passed the halving, this indicates direct costs could be 120% (ie. losing money to mine). If this is the case then clearly it is a concern.
But this doesn't add up with Galaxy's Q1 (owner of Helios), which claims a cost to mine of $19,500 per bitcoin. Also a big increase in hosting revenue with Argo as the main hoster.
https://investor.galaxy.com/news/news-details/2024/Galaxy-Announces-First-Quarter-2024-Financial-Results/default.aspx
The bizarre thing to me is that mcap is still around USD$80mil, while total assets is 70mil - which is an accounting figure rather than real world figure. They have 53 mil for plant and equipment which is comprised of one 15 MW site and 2.7 EH of modified old gen machines - half that figure would be ballpark and likely generous. Loss making now on a monthly basis with hosting agreement coming to an end and old gen machines.
So clearly this is beyond fundamentals, as they aren't there on any level, and we should think of Argo as an LSE synthetic shtcoin? Volume is next to nothing, I don't understand how this has held up. There are miners with better prospects at lower mcaps. Not sure I'll ever understand markets.
Jimmy I did the same with WULF, Q1's were not very good and a bit put off by them also.
Yes IREN is not CREST registered apparently so cannot be bought on HL. I've just got various ones, outside of MARA I'm heaviest in BTBT and BTDR. BITF undervalued but without a CEO they are a bit riskier. Got a small amount of MIGI/DGHI /DMG/SLNH/HIVE. Not sure which I'd rotate into, probably spread across whichever ones I felt were due a run. But IREN definitely feels like the next CLSK so it's a bit annoying that HL don't do them and changing provider can take weeks.
No, still ongoing issues with Ellendale and only mined 2 blocks yesterday for example. However overall their operations have improved this month with some days mining a lot more than expected (eg. 11 blocks on the 16th).
That all said, BTC rising helps them with their HODL, and their volume means they are normally the first runner, and yesterday was solid price action looking like it wants to run.
I'm currently holding them and looking for $30 ish before rotating.
People are in bitcoin miners to make multiples of their investment. Of course this can happen in other sectors also, and if you get into the right share/sector before it runs then that's what you want to do. I'm not that clever to know what that will be. However to me it looks like bitcoin is wanting to run soon and if it runs high enough the miners will look attractive again. But like spring flowers, they'll likely bloom and then die off and in no way would I recommend them as a long term investment.
I think bitcoin at $100k is enough. I think this would make it headline news on mainstream media and generate a lot of interest. Combined with markets running (indexes broke ATHs on Weds) to me the 100 level is the sweet spot.
I think Argo could go to 20 - but they have so many shares on issue now it would really take a proper mania phase to get good returns on it - and they'll dampen any run with a placing.
Spitfire, would be good if you could articulate the bullish case for Argo? Even with bitcoin at 100 I struggle to see them doing much. Q1's come very soon, so we'll see what they were looking like at 31 March - in theory it should still look alright at that date.
My CLSK investment brought my account back to life so I'm forever thankful that I backed that horse. They bought the machines for a good price - $16mil per EH, so at 3 years you're talking 1.333 mil per EH per quarter, which is very reasonable. Mara paid higher prices so have higher depreciation.
CLSK is still the better miner - but I've jumped back into Mara again, as I can just see their share price running into the 30's regardless of what I think of the company.
CPI release today is pivotal - if lower than forecast I think the bull run starts.
Unless there's some application that becomes popular and increases the fees then we are reliant on a bull run.
But otherwise you're looking at efficient machines or near 0 electricity costs. But that's only half the story, as it is the non direct costs that are causing the losses and they are far too high.
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.