Member Info for HarChris

I’m not sure why you won’t back down on this one. You clearly thought the B Riley proposal had Corz spiking to a dollar plus and it’s now 5 cents a few days later. Of course it’s possible to catch the bottom a few times before it eventually goes to zero, and I might throw some money on too down here but on the whole you were wrong and this quickly turned south in a way you weren’t expecting.

It’s okay to be wrong sometimes.

Closed at $0.05, 75% down... hope none of you guys jumped in today :D

I went further and called a 50% drop/ $0.10 earlier ;)

Haha I know but I went with I 'expect' the share price to fall and I very rarely make short term price predictions. It should count for something that I was right in a big way!

When you dig into the details there is no restructuring that can be done that leaves common shareholders with anything. Good luck trading it but you'll likely get caught out and lose money.

I'll keep repeating it... we are entering very hard times where financing for small caps is not going to come easy. In such an environment with interest rates going higher novacyt's debt-free, cash rich position is worth far more than it would be in a low interest, credit-loose environment.

Expect to see more and more of this as we progress through 2023.

46% down, new all time low... you might just be wrong on this one.

Fair enough, I read it differently. I expect to see the share price down today even with the Nasdaq opening green. Let’s see!

I’m referring to you saying fortune favours the brave, yesterday.

Yeah I have, I know it's bankruptcy protection but it's simply the next step on the way to bankruptcy. This from the CoinDesk article:

'Core Scientific reached an agreement with some of its creditors, in what appears to be a prepackaged bankruptcy. In a prepackaged bankruptcy, the debtor reaches some sort of agreement with its debtee before officially filling for bankruptcy.'

Sure, will see some p's and d's yet but they will start from a lower base so anyone holding following the B Riley proposal isn't getting their money back. Will probably see $0.10 today. Fortune did not favour the brave, it favoured the prudent in this instance.

Chae I'm happy with my Corz call, been adamant for months that there was no way out of it even as the likes of Fred from Mara argued the case for restructuring the debt and B Riley offered bailout money - chapter 11 was inevitable, the hole was far too big to ever get out of.

No hash rate relief just yet though as the machines aren't being switched off but I imagine the vultures will be circulating though - will be very interesting to see where the assets end up and at what price.

I said the B Riley proposal would be rejected immediately, hope no one got caught out here whilst trying to trade it.

One single pump and dump and then gone.

I did my best to warn

https://www.cnbc.com/amp/2022/12/20/bitcoin-miner-core-scientific-filing-for-bankruptcy-will-keep-mining.html

Thanks AB and yeah these production targets are irrelevant at this stage, miner's aren't going to expand now unless they have cash at their disposal or distressed assets are on offer at especially reduced prices - issuing shares at such lows will be done only when truly necessary.

Surely there's tons of S19s out there so this firmware update will push the global hash rate a good bit higher?

It's impossible to know which miner to buy today because we don't know exactly how the next year plays out for bitcoin. AB, I'm sure clsk will be fine but they will be particularly stung by a long drawn out bear market that goes into the back end of 2023. Why? Because they moved early and started expanding aggressively in early 2022 but since sentiment has got worse and worse and the cost of expansion is peanuts in comparison. Even as recently as September it cost them $28m for 10000 new bitmain Antminer's that today that would probably be $13m. And if bitcoin were to go lower they'd be forced to issue shares at probably as low as a dollar a share.

The likes of Hut8 would still have $130m of liquidity with bitcoin as low as $14k, Riot even more. But on the flipside clsk's monthly mining numbers are rather impressive, in November they mined more than anyone else (except Corz, obviously) so if the bitcoin bottom is in and it's only up from here they are going to look mighty cheap.

I recently bought Hut8 over clsk just in case the bitcoin bear market gets uglier but there are certainly scenarios that would see clsk with the bigger upside.

AB I agree, I do think the odds of there being some sort of rescue package have increased recently (having seen Corz at least survive this long without the creditors stepping in and now this Greenidge news) however I still rather doubt any deal will do anything more than keep them in business as a far inferior entity than they were previously.

Certainly interesting to see what happens though.

And yeah re CLSK, what it has going for it is it's by far the cheapest miner relative to operational size (having expanded the most through the bear market thus far and of course, not counting distressed Corz/Argo) so any flicker of a sign of bitcoin's fortunes turning around should cause CLSK to rally hard. The downside is if the bear market were to worsen they are pretty light on liquidity to deal with it now. All the non-distressed miners have their positives and negatives.

Certainly an interesting development and possibly something that Argo has been trying to sort themselves.

The market doesn't seem to like it though, all miners up across the board but Greenidge down considerably.

That post was dated 8th June 2020 - talk about getting wound up over nothing.

I think he's made a small error there. Taking the shares in issue post warrants and an EBITDA of £20m+ etc etc you get 76p to 90p.

'Yep I suspect the biggest pump and dump coming, might play out over a few trading days though.'

Thursday $0.20 to $0.50, two days later already back at $0.21. Hope no one got spiked here, Corz is going under.