Member Info for CLSKBull

A lot of the ones that fail will have old fleets that won't be much use after the halving. Generally if they had a good setup they wouldn't be failing. Although I guess you could buy a good one on the cheap. Electricity price is key going forward and I don't think the US cuts it there.

The Texas land deal was more than buying the land, it was buying a project (which I understood to include the electricity agreements). Although in reality it turned out it was probably not a lot more than the land and some contact numbers.

Yes his share sale should have been a red flag also (Wulf recent sales are also likely red flags).

I don't have as much of an issue so much with Pluto (everything was crazy at the time and it made some sense in that context), but it never should have been done via a raise which did a lot of damage to shareholders. Clearly in hindsight it was also a dumb investment.

Also the attempted share grab after he had sold all his shares should have been another red flag.

Intel should have been better than it turned out to be.

Yes, there may well be more to the story - and closing off some of that debt is probably wise anyway. If a general market crash hits before a bull run it will seem a very good decision.

I know a lot of people are saying 2024/2025 for BTC bull run, but I just can't see the economy/markets holding that long before a crash. Bitcoin for now is a risk asset and not a safe haven so will follow the markets to a large degree.

Chaebol, as we've seen with Argo's latest update, had they got the PPA they never would have been in this mess. If there was a cost/deposit requirement they should have raised the funds for this in the NASDAQ IPO as there was more than enough demand. They told us that we were getting 2 cent electricity but we later found out that there was absolutely no agreement in place. Really that should have been the point I sold and I was silly not to - I had too much faith in Peter but turned out he was a liar/fantasist. My lesson from Argo has been to judge them by what they do, rather than by what they say.

I don't see any of the miner CEO's having holders best interests at heart. I think the best you can get is when their interests align with shareholder interests (either performance related bonuses or substantial share holdings). If Fred is saying that dilution will be for growth, but then doubles the share count for no growth, that should be a red flag to you. I'm not saying don't invest in Mara, as they have performed well this year and have a solid list of Pro's, I'm just saying they are far from perfect - they all are. ps. 20% of 7EH is 1.4 so it's not really that impressive unless they announce something bigger.

Cromwell I don't see it going to 20. Could be wrong of course - but it seems unlikely to me.

Think we're at the point where there'd be few people who thought that BNB was not dodgy. Binance is not good for Bitcoin and the sooner it goes the better is my view.

You have been exhibiting Argobull warning signs regarding Fred.

However the reality with Mara is:

Pro's: Positioning/Volume - Number 1 favourite miner.

Biggest Hodl of miners

Biggest hash rate/BTC numbers of miners

Best price response to bitcoin movements

Best access to finance/placings

Cons: Nearly 100% dilution for 0 growth - effectively halving price targets. Both times without commentary as far as I know.

Expensive input prices

Repeatably missing targets

Middle East plans touted but not significant hash/mining figures.

If they want significant growth from now they're looking at further dilution/delays.

Has Fred really performed well?

At this point I think most of us are looking for exit liquidity in a bull run. As a side bet I'm still looking for the Dave Hunter bull run and have some call options on the S&P 500. Next FOMC likely a pause and the big boys back from their summer hols ready to wrong foot people. I really believe a crash is coming though. It makes sense for a run first though to me. If markets haven't started moving by mid/late October then I'll need to reconsider my outlook.

So an extra 20 mil shares to remove an iceberg of debt similar to their hodl value in size. I think it's a win for bond holders, and think it will make mara more attractive to a subset of investors. A pain for current holders but think the price will return pretty fast when bitcoin moves.

HC, the debt was issued in 2021 and they are retiring some of it (over half). No money to come in.

The miner execs don't care much for holders, as they can just print themselves more free shares via bonuses. Really they need to be reigned in but let's face it that's not going to happen. Just need this bull run to hurry along - looking forward to getting out of miners.

Can't work out if it's a good thing or a bad thing. $76 isn't a certainty, and if that never got hit by the due date then it would be a problem for Mara. But bull run and ETF approval likely. However it eliminates a huge amount of debt for them which will make them more attractive to new buyers. The note holders likely see a good win with the timing of this. Why they couldn't do this when the price was $19 or whatever who knows. Bitcoin miners love shafting holders.

Market reaction - just seems to be the "d" word. But yes, a lot of shares issued this year that were not for growth purposes.

My comment didn't come through properly.

They are exchanging $400mil of debt for less than $300mil of shares. Is this not a good thing? Or is the market value of these notes significantly less than the original $1000 a shot?

I don't understand this.

They are closing off $400 mil of these notes, for

I like earnings multiples. Currently earnings are negative across the board. If BTC runs, then earnings jump and PE multiples come into play. If it's just a HODL I'm not sure of the benefit over holding BTC directly. Although I know the market gives additional value to miners with hodl. Guess we'll see what happens. Not keen on the management at HUT (could probably say the same for all the miners though).

I agree regarding usbtc - I think it not going ahead would be better for holders and the fact that they are trying to push it so hard suggests it's not best for shareholders. I think if it goes ahead then we'll see a 1equal +1equal = 1.5 x market cap.

Re: HUT - SEPTEMBER 12, 2023 is the meeting date on this and

"In order for the Business Combination to become effective, the Arrangement Resolution must be approved by the affirmative vote of not less than 66⅔% of the votes cast by the Hut 8 Shareholders present or represented by proxy and entitled to vote at the Meeting. "

If it doesn't get 66%, I wonder what happens share price wise. I honestly have no idea how the market would respond.

Hut is liable to a 10mil fee to USBTC if this fails to go through.

https://hut8.io/wp-content/uploads/2023/08/Hut-8-Circular-Final-Mailing-Version.pdf

Other than their HODL I don't see any appeal with HUT. Another zombie miner.

Actually quite good figures this month. Low mining figures, but expecting a negative energy bill.

Interest is around 1mil a month and staffing/general 1.something mil.

So I'm reading it that they were potentially cash flow positive for August.

I'm not investing - but I think this is a good news release for them and shows that the Helios dream could have come true had they not screwed it up.

Texas seems to have an electricity problem where they get extended periods of high demand that spikes prices, then other times when it is low. Riot seems to have gotten a very good deal, but not sure they'd get the same again.

It seems on the grid side of things the stranded/excess energy can be be soaked up by miners - however it comes at the expense of not being able to mine 24/7 as mining has to be curtailed when demand picks up so you might only get 50% uptime on your miners.

With Riot I need to dig deeper - it looks like they've got a ton of free electricity there in the form of credits, which will mean 0 electricity cost to them for the rest of the year potentially. Or maybe they utilise this credit towards their hosting clients and take a higher margin that way. Seems to be more to Riot than just poor mining figures. Although Aug would be an exceptional month with the hot weather.

Looks like they are acquiring and disposing the same amount. To me it looks like they have received bonuses in shares rather than buying the shares.

Any idea how much gold us companies hold just now (excluding gold miners)

Lol you just contact Mara IR and ask them what the word imminent means to them.

The delay is annoying. I think they're best to swap out machines in the mean time and get something out of these XP's while we wait.

Losing interest in bitcoin and miners just now, but I've waited this long, just need to wait a bit longer. A good investment is meant to be boring right?

Should be a similar amount for Sep also.