Member Info for HarChris

I always try to be as fair and balanced as possible though - whilst this deal is unlikely imo to save Argo long term it appears at least to be far better than I was expecting it to be. Considering the corner they were backed into I do think today is good news.

At a push but in this climate and looking at the valuations across the space no, it's probably not worth that much. Argo have just sold their flagship facility (which you've raved about all year) and is left with machines that aren't worth that much and still a fairly large amount of debt.

I would say well done to you for buying some at 3p (even if your average overall is sky high) but as you are claiming not to sell til 23p I don't think you'll ever see profit on those low buys.

Will it go to 10p this week? Possibly. But the truth is all the unknowns that were left out of the rns that ArgoBull mentioned are very likely left out because they aren't all that positive.

What we've historically found is that whilst there is a strong positive correlation between share price and V, they don't move in line with each other - what we tend to see, especially on the way up, is the BMN share price lag behind and then catch up all in one go (and more) when the rises are too big to ignore... we might not be quite there yet but I think we're close.

I've already been in and out today, too much risk for me and looking at Corz there really isn't much appetite for risky bitcoin plays (besides an initial and very short-lived pump).

Certainly interesting news and if the backdrop was different I think we'd be seeing 200%+ but with how it is I expect this closer to 5p sometime next week. This is a rational market currently.

I think it's also fair to say after plenty of discussions in the past month re Helios' value that many of us called it spot on, whilst some that are ramping now claimed it was worth well over $100m (sans machines).

Managed a small buy at 7.5p, won't be holding by the end of the day though. GL PI, still think you should be wary but good news today :)

Survival won't be easy long term but that's for another day, in the very near term the market will surely like the fact that Argo are almost certainly surviving through this bear market now.

PI 15p would have them valued close to other miners, yet with no facilities besides 20MW max capacity in Canada and still $100m debt (~$140m down to $100m).

Not a holder and will need to give it another read or two first but at first glance this look s a very good update... could have been so so much worse. Certainly would consider holding for a trade now.

AB, we'll find out in the morning but I doubt the news is going to be that Argo have sold Helios for $90m. What would they have left, 0.5EH/s of machines in Canada? Assume that went through and they paid off half the debt ($70m) and kept $20m to cover 12 months cash burn. What would they be worth with $70m debt and tiny Canadian operations? Nothing.

I think it's more likely that we're about to see a heavily dilutive restructuring (akin to what might happen with Corz) - for example creditors being offered tons of shares to effectively take majority control of the company whilst giving them the cash flow to continue mining at 2.5EH/s. Could be something like a billon shares sold at 2p, giving £20m/$24m. Or part dilutive whilst also selling the Canadian business.

Having said that they are rather unlikely to be in the market for a facility like Helios when they have data centres that can be expanded to a couple of GWs - unless of course the offer is too good to turn down ($40m?)

Highly unlikely to be CLSK, they don't have the funds - Riot's the only miner that could buy Helios outright with cash on hand.

Similar to me, Hut8, bitfarms and my main one Riot. Only bought in very recently and yet starting to see fairly big percentage paper losses already :/

Well the machines have been so heavily marked down since the start of the year (~90%) and cash must be close to zero so we probably aren't looking at a 'net asset' situation now.

Mara's down nearly 80% since late October - they're all falling sure but this is considerably heavier than most.

Any sign of life to the space though and I'll certainly be tempted to buy some, much better option than messing around with the likes of Corz.

'Selling HELIOS to operate as a debt free small cap mining company in Canada makes a lot of sense too, if it’s possible/viable?'

Debt free? From the last quarterlies debt was at $143m, no way is Helios going to be sold for that with Argo in a distressed state, bitcoin sentient at rock bottom and Texas no longer looking like the mining mecca it did a year ago. For that much money you could buy CleanSpark!

It's certainly interesting that this comes after the rally last Friday though.

On top of this they are likely right on the edge cash flow wise. We know they can generate cash right down to $15k with difficulty where it is, whilst pausing debt repayments and mining 1500 BTC a month but it won't take much to have them run out of cash - they dropped from 50 mined a day to 30 recently, if that isn't sorted quickly for example they'll likely run out of money in a matter of weeks.

Ha yeah I can't imagine that sort of deal would ever be accepted when owed hundreds of millions of dollars. Usually in these situations we see heavily dilutive reorganisation such as 2.5 billion shares at $0.03 to get to that $75m.

https://corescientific.com/

Top left, bitcoin mined yesterday 30.5... normally 50.

Bit of a stretch to call it a good stock because, after falling 99% from $10 to $0.10 you managed to pull off a quick in and out trade!

Probably more of a ‘if Corz can survive then why not Argo?’ rally.

Markets closing in thirty mins for Christmas