Member Info for CLSKBull

I'm probably buying some more Mara later on.

58500 breached. Do we bounce soon? Fed interest rates today.

Interesting article at the end says he was recently promoting bitcoin cash- sounds political. Some weird stuff going on in the world at the moment.

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

Seems unlikely but wouldn't put it past them either. Minefield this sector (bad pun sorry)

Q1 results will hopefully will move this dog. Market surely can't ignore these FASB figures. Hopefully no more ATMs for the moment.

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.

Bought some too. FASB profits are going to be massive, 400 mil or so.

Might be a value trade for me at some point then.... Love a good re-rate. I'm guessing they'll run late though.

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.

I'm not sure about them. Why did they go bankrupt in the first place? Their presentation is giving a guide of around 30 J/T fleet with 4.4 cent kwh costs, but on another slide they gave a cash cost of 15k to mine, but my calculations yesterday show that with these figures you're looking around 50k post halving direct costs at current network hash so I don't think they are generating much cash.

Share count will go from 177mil to 402 mil on conversion of Notes/Warrants which is 2.27x the current count so you have to take this into account for mcap. It would extinguish debt and give them some cash, however they need to upgrade their fleet which will be expensive.

However the fact that they went bankrupt means I'm reluctant to touch them so think I'll leave it.

https://s29.q4cdn.com/356375974/files/doc_financials/2023/q4/FINAL-CORZ-FY2023-Earnings-Presentation-031124.pdf

If we had the less than 2 cent electricity we were sold we'd be laughing just now.

Of course if we had the

Yeah, even if we assume they were making 10k a coin in cash (which is likely not the case), then if they mine 50 coins, they are generating 500k cash a month, but the interest payments we know are more than that, and that doesn't account for the wages of the 30 staff. Actually it might be less than 30 as that was the average for the year....

My experience was my questions never got answered. To the layman it sounds like they've answered all the questions, but there's clearly an element of pick and choose.

Hosting agreement we never got any detail on, but it does expire at year end.

They've confirmed electricity of just under 5 cents per kwh. (I'm not clear if this is inclusive of curtailment benefit or not). They also confirmed that they are underclocking, so the J/T might be a little less than the 30 J/T, but would also reduce hashrate if they are doing this.

60ish cost per coin for electricity/hosting is expensive - and does not include interest payments/corporate bloat/etc.

They should get into memecoins - Petecoin anyone?

They have some energy credits which will help them, but they are done for by year end barring some miracle.

Hash won't drop, S21's are coming through, and in many cases you can fit twice the hash into the same slot as the previous old gen miner.

The constant expansion of the last year has been a drag for us miner investors, but it's pretty clear now why it had to happen, and also why many are moving to AI for revenue support.

Q1's coming next month and should look good on the surface with pre-halving revenue and FASB profits.

Indeed - and we have the HK ETF go live next Tuesday as our next source of hope.

Really hoping to start moving to 100 soon as I'm keen to get out. A little more patience.....

Just checked the last 10Q - 4.4 per kwh

Hexam - yeah, it's all these other costs that make the other half of the puzzle - wages, interest, bonuses, etc. Plus trying to grow operations, and grow HODL etc.

Argo has 30/JT machines so electricity input costs there are doubled, not sure what their power cost per kwh is though.

But hash will keep growing and the next bear will be brutal.