Member Info for CLSKBull

It's just fear for now - one day for no bigger reason than them dropping today and they'll run up again. If you wanted to stick it on something it would be the upcoming halving, but the narrative will change soon enough.

Mara not helping things as they have a 1.5bil ATM they are making use of - dishing out shares like confetti - makes the sector look bad. But they'll be back.

Repricing has already taken place - miners should be much higher than this for this bitcoin price. Market for miners spooked by halving, but hashprice creeping up - 50% higher than a month ago - soon the halving will be negated (if the bull continues).

Looks like it wants a second run for a new ATH after the high leverage flush.

"The Transaction is expected to close by the end of March 2024 upon the successful completion of customary closing conditions, including entry into a definitive share purchase agreement and certain regulatory approvals."

Anyone know what they mean by "including entry into a definitive share purchase agreement"?

It's not growth, but that galaxy debt needed sorted, and it now has potential to be sorted. As I said, the note holders there is probably a deal to be done for a % of them. Then they can activate their growth game plan (via raise).

I'm not recommending investment as there are much better options and ultimately I think they go bust - but they are in a better place now than they have been since the announcement of near bankruptcy.

I think this was a good update for Argo - not good enough to recommend an investment, but a step towards clearing the debt.

I think a deal can be done with the note holders, moreso than with galaxy. Some sort of conversation to shares with additional warrants/options. Would be a win/win for both parties.

Good update there from Argo. They have a chance of clearing the galaxy debt, and can likely do some sort of deal with bondholders if other miners are anything to go by.

I think bitcoin going past 70 will see some movement for the miners and hopefully get fever pitch around 100. Ironically most the miners now have the same investment case as Argo, reliant on bitcoin run. At least bitcoin is doing its part.

Mara will be about 800 for the month as they had outages. Hopefully this doesn't cause another red day for the sector.

Yeah I don't fully understand the 40% premium for their HODL or whatever it is - doesn't make a lot of sense to me. But as long as they keep buying more bitcoin I guess it doesn't matter.

There'll be no impact if BTC carries on the way it is.

I think it is the halving which has caused the tentative miner action to date. ATH+ should sort things for us.

Yes DJM that's the investment case here - hoping for a bull run and the crowds turning up throwing money at anything crypto related. Already seeing signs of it starting.

Agree - with BTC looking to potentially take ATH this week, and the halving imminent, there'll be a lot of activity in the coming few months. Those with large facilities and good input costs will be high on the shopping list (did someone say WULF?)

True HC.

It also implies that you could buy a better than Mara mining setup for circa $640mil. Obviously there's more to it - as it would take a year or more to build, etc and you'd have missed the bull run, but it is always handy to know the lay of the land on these things.

Argo's miners are worth at best $10 per TH, so $28mil in total. In reality they would be worth less as they are modified for immersion. Brand new machines that are much more efficient (costs about 1/3 less in electricity to run for the same hash) have been selling for 14 to 16 per TH.

Their hosting agreement at Galaxy will end at the end of this year, which is something the company needs to comment on for investors to understand future plans.

So I don't see why a company would buy Argo for $150mil or whatever when they could achieve the same hash for a lot less. Cleanspark has been building facilities at around £350,000 per MW. So to achieve 2.8 EH of miners based on these input costs you'd be looking at:

Machines - Bitmain S21's - $16 per TH (as recently purchased by Cleanspark - 2.8EH = $44.8mil. (14000 machines)

Facilities - 3500 watts per machine = 49MW. Add 10% for cooling, so about 55MW which would cost around $19.25mil to build.

So I could build the same hash as Argo for $64mil with my own brand new machines and my own facilities.

I cannot see any logic to them being bought out.

Well done growth - great work.

No but good luck.

You're on the right track mystic - Bitfarms had 6.5 EH for Feb, and mined 300. Therefore Argo with 2.8 should therefore mine 129 pro rata'd.

However the problem is that Argo has consistently under performed their sticker hash rate for over a year now which is why others are expecting a lower number. My guess would be around 110.

Wow, a mostly accurate article from the BBC about bitcoin, that's not something I expected to see.