Member Info for CLSKBull

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.

Agree ss, and it feels like a run is coming soon. I think other miners will run more though.

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.

Haha - I thought about it but didn't enter a trade - even though I knew it was going to run above $30.

Shows there is cash out there. They'll issue an ATM no doubt and that will kill it.

Inflation figures tomorrow - if they come in low the markets could get moving - combined with Roaring Kitty could we finally get the bull run? Imagine one month of up only....

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 Argo are around 30 J/T I think so it doesn't apply to them and they can't renew their machines and it's unlikely they'll renew the the hosting agreement.

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.

Bitcoin is in a choppy period at the moment, hopefully at some point it will run and then all the miners will start going up again. Miners really need bitcoin a bit higher as current conditions are challenging.

Mara likely negative cash flow based on those results and needs bitcoin to go up. Unlike Argo they can tap the markets at will. 1.5 bill dilution still to hit.

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.

Fully out of Mara now, can sleep easier again.