Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
What will they do with the cash they get from the sale of the facility? Its literally to pay a little off debt and pay their wages for as long as possible until finally they cannot. The will need to get in more debt, not less if they are to expand or grow in any way shape or form - I just don't see what they are going to do post halving - there will be nothing left to sell soon that does not impact revenue.
"February Operational Update
During the month of February, the Company mined 92 Bitcoin, or 3.2 Bitcoin per day. This 21% reduction in daily Bitcoin production compared to the prior month was primarily due to a maintenance-related outage at the Cottonwood substation which is owned and operated by an unaffiliated third party. Total downtime from the outage was approximately 77 hours, or 11% of the month. The maintenance was completed on 21 February 2024, and normal operations have resumed. Additionally, Bitcoin production in February was negatively impacted by a 5% higher average network difficulty compared to the prior month.
Mining revenue in February 2024 amounted to $4.5 million, a decrease of 15% compared to the prior month (January 2024: $5.3 million).
As of 29 February 2024, the Company held digital assets worth the equivalent of 14 Bitcoin. "
Death by a 1000 cuts it seems.
Correct one - sorry : https://polaris.brighterir.com/public/argo_blockchain/news/rns/story/w3pj83x
Ignore - false alarm.
Here are some other mining numbers though :
Feb 2024:
Terrawulf : https://investors.terawulf.com/news-events/press-releases/detail/67/terawulf-announces-february-2024-leap-month
Digihost : https://www.globenewswire.com/news-release/2024/03/04/2839334/0/en/Digihost-Announces-45-Year-Over-Year-Increase-in-Bitcoin-Mined-and-Provides-February-2024-Production-Update.html
Q4 2023 preliminary results
Bitdeer : https://www.marketscreener.com/quote/stock/BITDEER-TECHNOLOGIES-GROU-153541576/news/Bitdeer-Pre-Announces-Financial-and-Operating-Results-for-the-Fourth-Quarter-of-2023-46085420/
LOL - oh yes - so it is - sorry - I cannot delete it !!
Not sure how they worked out the revenue number though...$3.76 million divided by 162 ~23k bitcoin price...
February 2023 Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for February 2023.
During the month of February, Argo mined 162 Bitcoin or Bitcoin Equivalents (together, BTC), or 5.7 BTC per day. This is an increase of 7% over the 5.4 BTC per day produced in January 2023. The Company was able to achieve this increase in daily BTC production despite a 10% increase in average network difficulty in February compared to the prior month.
As of 28 February 2023, the Company held 101 Bitcoin or Bitcoin Equivalents.
The Company's total hashrate capacity continues to be 2.5 EH/s.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to $3.76 million [£3.09 million] (January 2023 $3.42 million [£2.80 million]).
Argo’s Interim CEO, Seif El-Bakly, said, “I’m proud of the team for increasing our average daily Bitcoin production despite the increase in average network difficulty in February when compared to January. This is a testament to the hard work put in by our technology and operations teams. We continue to focus on strengthening our internal business processes and striving for operational excellence.”
Https://argoblockchain.com/news-room/2023-february-operational-update
Looks good!
Https://farside.co.uk/?p=997
ETF inflows over $500m+ net inflows - lovely - grayscale still dumped over $300m though. Excellent contribution from Fidelity as well ads black rock.
Looks like btc went for ATH overnight and dumped to get liquidity - lets see what today brings - no doubt morew pain for the miners - if they go down on a good day for btc - what will they do on a negative or sideways day,... or will today be the day for btc ATH?
Hopefully might get some more miner Feb mining figures today also - will keep an eye out.
Just saw a youtube vid where it looks like Mara shares outstanding has been updated with additional 40m+
Same i think for Riot.
Can anyone confirm or know a good website for bang up to date values?
Hopefully thats most of the 1.5b they said they wanted to issue in which case we might actually see the share rise soon and hopefully pull sone of the other monjng shares with it.
Hopefully tomorrow more miners will report Feb mining figures. Who knows - we might also have ATH on bitcoin as todays bitcoin ETF volumes (dont know if in or outflows yet) were second highest day on record
@misterbeck
https://www.vaneck.com/uk/en/investments/crypto-etf/performance/
Top 2 holdings MSTR and COIN as of March 1st
The DAGB blockchain fund’s top two holdings are a bit outsized now and thank goodness they are - MSTR and COIN - both now over 10% of 20 constituent fund. If not for them would have been even greater carnage compared to pure miner plays
$1500 to the ATH - probably tonight or tomorrow judging by the bitcoin ETF inflows we will probably see tomorrow (grayscale dump aside).
Will be all over every news network - the question is will it then push on to 100K or will it trigger a dump.
I still cannot get my head around how these miners are not participating in this at all but as chaebol pointed out - some of them have front ran this move.
The higher bitcoin is going - the more the miners are dumping - dont remember considering this scenario.
Im now resigned to 70-80k bitcoin price before these miners even start to look good again. Hope they come up to match the opportunity cost of not investing in MSTR or bitcoin directly in the meantime.
You just know the second you sell out the miners and buy MSTR the miners will rip - so just got to hold and hope.
67k incoming.. ATH today?
There will be pull backs but can you imagine the carnage of a 20% or 30% dump?
It really is depressing seeing these miners going big red today - combintion of the halving impact on revenues and now people have mstr and bitcoin etfs if they want exposure to bitcoin - they dont need the miners anymore.
Block, bitfarms, Iris. Wulf, Argo - all negative in the US - quite remarkable.
So now through 66k - ATH time guess anyone?!
Amazing to see microstrategy up 18% today yet the miners are up less than bitcoin is - very frustrating - its like the leverage is the other way.
Its interesting to see the bitcoin ETF's up 3% since Friday close but the miners up ~5-6% and Microstrategy up 9%.
The leveraged play of miners is falling behind - hopefully a rerating is coming else it implies maybe the halving is not priced in yet.
404x - good points - Gullible will be complaining your facts are antagonistic next.
It took me a while to break out of my confirmation bias when reading these boards and actually sell my Argo shares at a MASSIVE loss.
Glad I did as they are down even still from my 20.1p exit price and what I switched into have out performed since. Sometimes you have to have the facts forced down your throat before you actually see them - other people will just let their shares go to zero then blame everyone else for why it happened.
Gullible - tell me where I was wrong - why would anyone pay a premium for old mining rigs (many of which are specifically stripped for immersion now) ? Its quite clear you are living on hopium at this point - thats your choice - but dont encourage others to invest based on that.
Argo was up 15% in the US friday night - look at it today in london and thats after btc has had a great run up since friday also.
Reality check is required.