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Yeah I did have some SDIG but sold them at a loss on the ATM announcement. Cleanspark builds facilities at 350k per MW, while Bitdeer does them at 100 and something per MW (but they are containers).
However SDIG is an electricity producer though, so a bit different and you'd expect more per MW. Balance sheet has plant and equipment at 144mil but that might include miners at inflated value.
If they were able to sell for a good price maybe they could clear the debt and end up cash positive above mcap. However if it doesn't sell then bad news as you say.
SDIG has a hard sell as they are cleaning up these coal waste piles and seem to be doing a good job, but it's effectively dirty fuel that people don't want to be associated with.
Digihost, similar profile, no debt, own facilities - mined 85 last month, has cash of $6mil, but an mcap of $45mil. Either they are undervalued or Argo overvalued.
SDIG news interesting as I thought they would survive but it's looking like the mining is no longer viable.
Just shows what we already knew, the mining fundamentals will carry on getting harder and electricity cost and J/T ratings are key. Hopefully BTC picks up and the miners get a reprieve. Will be interesting to see what the CLSK and MARA earnings next week have to say - I bet at least one of them has a purchase announcement. Is Bitfarms a target? Guess we'll see.
Yeah feels similar to part 2 of the last bull where it went just above ATH and that was it. Hopefully not the case this time.
Fed is in a tight spot and I really don't know what they will do. As you say the market has priced in one cut, which makes me think that the odds are slightly in favour of a bounce later on, but who knows.
If you're referring to this event then I don't think the miners/pools are really in the same category. As you've said yourself, Bitcoin has strayed and is no longer a p2p ecash system.
https://www.justice.gov/usao-sdny/pr/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering
The having, the lower fees we are now seeing (back to normal) and the lower bitcoin price are the cause. Think we are at our near local bottom and will resume up soon.
Hash rate still slightly above halving hashrate (about 1% up since halving)
The newer machines are much more efficient, so if you replace an old model with a new model the hashrate goes up.
Difficulty is around 4x 2021, while rewards are near half. On the plus side machines are 2x more efficient.
So the margins are nothing like 2021, and to make money you need those newer machines and low electricity costs and overheads.
Out of the miners only really clsk has performed well so far this cycle on the share price front.
However results for 31 march will be impressive due to FASB, and a favourable bitcoin price change from end dec to end mar. especially for miners with hodl, mara having the biggest hodl.
Market has been indifferent up to now.
Thanks, good to know they've got new management in - but the 30 J/T needs to change. They have good power costs at 4.4, but not exceptional. I think it could be a wise move to sell some sites and use the funds to upgrade their fleet - depending on what price per MW they could get.
Keep in mind that with 15 J/T you get twice the hash in the same amount of infrastructure so you could end up with near the same hash but with lower input costs. Or just do the usual bitcoin miner method of diluting shareholders to oblivion.
I calculate these remaining 22.2 EH of machines would be 16.6 to 17 J/T to achieve the average 21 J/T for the full 50 EH.
They'd also have an option to backfill some of their existing older machines with newer machines which might be a good option also. The 30 J/T machines need to go, unless they have exceptional power deals.
I think they may have timed this news release very well. Might move some shares around later on.