Member Info for CLSKBull

I think the ai deal should be reviewed as it's probably undervalued, plus the rest of the infrastructure and a clear debt solution. It has room to run for sure

RIOT has 9000 bitcoin hodl plus a stack of cash, while CORZ has a good amount of debt and no hodl.

Sounds like these idiots at Kerrisdale are going to get liquidated - unless they closed the shorts on the drop.

The interesting part is that the short report would not get any right minded person to sell, so they must have colluded with other short sellers or brokers to try and attack the sector somehow. Not sure how this stuff works but let's hope the GME crowd gets on board now we have a pantomime baddy.

Yeah agree, it is more an attack on the industry by someone that doesn't seem to be familiar with it. It's a lot of might this and might that. Yes Riot are dilution heavy and can't turn a profit, it's not news. I thought they'd get to the part where they were lying about EH online which wasn't online based on their monthly numbers, or hiding stuff in the financial reports, or relaying the great power deal they have but still fail to turn a profit. They did touch on the bonuses but the report completely missed the mark for me. 2/10 for that effort.

The fragile energy grid applies to AI as well. However yes, a number of the miners are also looking at the AI options, and it might help move the sector if their infrastructure is given some value. Just need this bull run to happen so I can finally get out!!

Lol - as if on cue. I'll take a look but I can guess half of it.

Why are all these miners so dodgy!!

Interesting re apld but they were loss making last quarter, seem to be issuing various shares/etc, and the issues they've had at Ellendale and how they've handled it for Mara, plus they are already valued over 500mil. Doesn't give me buying vibes. How do you see it?

HUT on the other hand I want to look at further. Most of their mcap can be accounted for by their HODL. This merger means they got infrastructure and the share price has been battered due to their dramas. Good to get rid of the last CEO who was clearly out of their depth. New one not convinced but need to have a proper look as I think they have a decent amount of MW.

RIOT they just keep taking too many bonuses and hiding stuff - don't trust them, but maybe they get in on the AI act as well.

404 - Good point about the AI location/reg requirements - means that US infrastructure is key as you say. Need to review the miners with this new lens. HUT8/RIOT might be options, but the management of both is poor in my opinion and not sure I could bring myself to invest a lot in them.... AI not likely to be going away either, so it's very valid to review this.

HC - Yes expecting bull run shortly. If BTC hits 100k I'll be looking at exiting miners, depending how it plays out. However in that scenario, which could be a little like dot.com if the indexes move in step - Argo could move irrationally past any sane valuation (it's already there but seems stable at current valuation without demand) and get a few placings in.

From all that, I still am of the same opinion that the bull run will happen before they go bust and they'll get their chance to raise again.

I still see them getting kicked out of Helios near year end, and if this AI stuff continues I think Galaxy will sell Helios to an AI company and come out of the mining business. AI power demand is massive and miners with infrastructure are potential acquisition targets.

Argo will likely need to pivot as I don't think they can raise enough to buy sites/miners - but no idea what they would pivot to.

Note 8 on the annual report shows the breakdown of G&A expenses for 2023.

We can see from Q1's that G&A has reduced to a lower level of 3.152mil. It includes non cash cost of property depreciation.

Some costs will be down with the property sale also.

Operating expenses $’000

Salary and other employee related costs 6,430

Restructuring and transaction related costs 4,969

Insurance 2,128

Depreciation and amortisation 1,473

Legal, professional and regulatory fees 1,431

Indirect taxes 994

Property tax 919

Consulting fees 533

Repairs and maintenance 455

Audit fees 341

Office general expenses 285

Public relations and associated activities 255

Travel 226

Carbon credits 129

Bank charges 34

Freight, postage and delivery 30

Foreign exchange loss -1,287

Total operating expenses 19,345

https://www.sec.gov/Archives/edgar/data/1841675/000110465924054859/arbk-20231231x20f.htm

HC, cash basis only. Accounting wise you've got depreciation and stock based compensation which will make it look worse, but the reality is the cash balance is what matters here which allows them to keep the lights on.

Yes sorry, dollars. They did mention lower electricity costs so might just be seasonal.

I think they can underclock for a lower J/T, but it means the EH reduces to achieve this. So it could be this - or powering off in peak times, or a combination.

30% margin means a cash take of 870k, but the G&A is around 1 mil, and the interest payments around 770k. So to me a cash loss of around £1mil for the month.

It won't go under 5p today, none of this is news, they have been a zombie company for over a year now.

Trigger prices hit for notes and tranche 1 warrants. Mandatory conversion of notes at 7.79.

Solid chance they will shortly wipe out their debt.

See page 20:

https://d1io3yog0oux5.cloudfront.net/_adec82f8e4639a43e7f3cba003c51a29/corescientific/db/946/9233/presentation/Q1FY2024-Earnings-Presentation.pdf

Massive jump pre market up 50% just from the Coreweave mention it seems. Well done holders.

Soluna is going to announce their AI partner soon, hopefully they get the same sort of uplift.

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

Yeah probably one of the few actually doing something with stranded energy. Watched a recent video with him and agree. Hopefully it gets noticed at some point - suspect it will be a late runner.

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.