Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Lol - buy out what exactly - they don't own Helios anymore and the machines are old.
"that's why the price is being suppressed?" - why do you think the price is being 'supressed?' - like some conspiracy theory is at work here or nasty MM's - NEVER could it be that the company will not / is not be a good investment the nearer we get to the halving because he has no money for future growth and an aging, inefficient mining fleet and people are just rotating out to better opportunities...
Mystic- 130 bitcoin for Feb- care to put down your working out or is this totally pulled out of nowhere?
For reference,
Bitfarms did 300 in Feb (357 in Jan)
Cleanspark did 648 (577 in Jan but they have increased has rate by 60% in Feb!)
Argo mined 124 in Jan.... so Im almost certain its a fair bit less than this - I would be surprised if its over 100 for Argo in Feb. We will find out in the next few days.
I think the supply shock is starting to take hold with regard to btc. If grayscale stops dumping, OTC desks continue to have supply reduced and the houses in the US (Morgan Stanley, Merrill Lynch etc) start finally selling bitcoin ETF then the exchanges are going to start to be hammered soon for all these spot buys - then the fun really starts
"With BTC racing ahead Argo looks cheap."
Ask yourself why Barno ...
Feb figures are starting to come out - not Argo yet but might get a steer from others so collating them in this thread.
Bitfarms:
https://investor.bitfarms.com/news-events/press-releases/detail/229/bitfarms-earns-300-btc-in-february-2024-provides-update-on
Cleanspark:
https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Releases-February-2024-Bitcoin-Mining-Update/default.aspx
So more massibe dumpage from grayscale yesterday - nearly $500m.
Net OUTFLOWS of $140m. Average day for Blackrock could not offset it but bitcoin holding up pretty well under the circumstances.
When grayscale stops etc, supply shock still incoming
Nice close right at the end there in the US for markets and miners. Bitcoin surged right at the bell then mini dump 5 mins after! Saw the same the other day.
Etf flows out in the morning - is grayscale still dumping or will flows be net positive again.
Have a good weekend.
No rebound it seems - some total morons making grand statements with nothing to back it up again - getting very tedious.
How much has network difficulty gone up in the last 12 months - is it 100% - equiv to a halving - already? Happy to be corrected.
If bitcoin goes to $100,000 every miner from Texas to Timbuctoo will switch on and difficulty will go up considerably, ON TOP OF THE HALVING.
It wont be just Argo that will make little to no profit at that point, but with its aging machines and increased issues with maintenance I simply do not see how it survives. The only reason the bigger ones will survive is that they might take advantage, albeit temporarily of smaller inefficient miners switching off.
Any one buying in or trading this now must understand they are as close to gambling as you can get. Its like a game of musical chairs except the last one left wont get a prize.
"NT to buy now, I would never see this going under , BTC could get over 100000 and if this goes to around 35 and then may be placings, this will survive"
Donotpanic - this is total nonsense and you know it. 20,000 posts...how much more nonsense is out there?
Much of Maras recent dump is to do with dilution to buy more stuff - this works at scale if they can actually realise this in a corresponding revenue increase and the dilution was done at a healthy share price.
I think I read somewhere that Mara appears to have been diluting via the ATM at $30 which is why the price has struggled to get past that (but it might catch up later) however its NOT gone down well - hence the recent dump.
Argo is not in the same position to do this, so more dilution or placing will have the same impact as the last one it did - i.e. share price goes down.
Happy new month - only ~6 weeks to the halving
oh dear - more people coming on here having NOT read this forum at all complaining that "bitcoin is this so Argo should be this". Just do 5 mins of research and you will realise why - but alas they wont do it but continue to blame MM manipulation or something else - just not the obvious facts.
In a nutshell - Argo barely makes any profit now - in 6 weeks its revenues (not profits) , its REVENUES will halve which will destroy profits and a loss will happen every month unless bitcoin moons. THATs why the price is dropping. If it was any other company and you knew it would be loss making going forward with no real way to stop the rot - would you buy it?
Many of the miners will be impacted like this which is probably why they are all dumping at this point.
Etf flows - huge volumes but...
https://farside.co.uk/?p=997
So blackrock etf inflows were awesome yesterday but whoa - Grayscale dumped $598m - that would explain why bitcoin is 'struggling' Seems to be holding well at 61.6k now but thats shocking - seems this dumpage could go on for yet more weeks.
Absolute carnage with the miners yesterday - hopefully the bleeding will stop and money will come in - patience required I guess.
At least the F1 season is now here to distract from all this - anyone interested please note that its all a day earlier than normal this weekend - qualifying today (Friday), race tomorrow (Saturday) - not sure why.
The miner dump started yesterday - before the mara results.
Now everything is dumping - markets which were positive now negative and everything dropping- even bitcoin now - going to get even more ugly.
Just going to be one of those days - time for adult drinks... luckily this day only comes around once every 4 years :-)
Seems Argo is now dumping in sympathy with the other miners, now at 17p ready for the close - I wonder what the UT will be in 10 mins.
Ffs 18% down now Mara - what a sh*t show. No doubt as bitcoin drops a little bit from lofty height of $62.5k it will continue down (and its not alone) yet when bitcoin was going up it did not go up.
Every time I think I've worked this game out - it slaps me in the face to remind me I have no idea and not to follow the masses :-)
Initially I thought it was Mara results but the dump started yesterday so the only other thing I can think of is the halving of revenue for the miners has not been priced in, even at this bitcoin level- its only 6 weeks away, causing a rotation into the spot ETF or microstratgey which would avoid halving risk. I cannot think of anything else that would cause a 2 day across the board miner dump like this.
Oh man - all the miners are dumping again like yesterday - seem a concerted effort to get out of them in favour of ETF or microstrategy.
All are getting battered now - 2 days ain a row.
US inflation numbers just out - not stellar but encouraging - hopefully will spark a Russell and Nasdaq tailwind today for the miners - just need Bitcoin to hold in there.
Jimmy - listen to the Mara conf call Q&A session - the CEO goes through all of this...
Thats the argument in a nutshell - Mara is diluting for future growth to counter the halving, Argo is diluting to keep the lights on and cannot actually afford to increase hash rate so they cannot avoid their production halving for most of 2024.
If there is a bright side - Argo will have a good Feb month of mining revenues based on bitcoin price and March will also be amazing - but then it ends - and the markets are forward looking.
Could Argo continue mining after the halving if bitcoin doubles - sure - for a while - but without increasing its hash rate - how will it keep up with the other miners - especially as difficulty continues to rise?
Soon they will make more money curtailing than they will mining.