Member Info for HarChris

Yeah it feels to me like the right time to at least start scaling in - looking at half my funds deployed at around this level and if we see a bit of a recovery then take the ~20% profit, if it goes the other way and markets crash taking crypto and miners along with it then deploy the other half at the ridiculous lows we'd most likely see.

Argo is holding up a lot better than all the others I follow by some margin - keep expecting to get a sub 40p entry looking at the others, especially following the terrible May numbers, and yet it continues to keep its head above water.

I just bought into Riot for the first time @ 5.45p - sure it might go lower but it would take very little nasdaq/BTC rebound to see a quick 20% return one would think? Already minting 500 coins a month and probably closer to a 1000 by the end of the year...

The other miners are more heavily correlated with the nasdaq and s&p which are both getting hammered - arbk is only 3% down.

It depends entirely on the path BTC takes to $100k… if it’s slow and gradual then total hash rate will probably be at 500 EH+ and Argo might not even reach £2 but if it makes it there in a matter of months before hash rate has time to keep up you’ll be looking at £4 maybe even £5, at least temporarily.

The last 4 updates have been between the 21st and 26th* so yeah probably looking at 6/7 weeks, let's meet in the middle.

Before that I expect to see the Full Year Results (last year June 30th, year before June 23rd) where we'll get an update on 2022 progress to date - this is the next update and should be with us in 2/3 weeks.

No I'm saying it's very hard to prove the case that Argo was in disarray before the whole sector was. If it really was an Argo thing not a miner thing then Argo would be looking far 'cheaper' on a BTC mined/BTC HODL basis but it isn't, even with it's terrible May bitcoin total it's still holding up relatively well.

Fair enough on the share price growth point but you're just cherry picking to suit a narrative. Equally you could take Oct 2020 as a starting point (just as BTC started soaring north) and see Argo is still 8 times higher whilst the likes of Mara is 4 times higher and Riot just 2 times higher.

What we can certainly say objectively is that every single miner is out of favour right now, they all saw exponential share price appreciation and all are a million miles off their ATHs.

Chaebol it's nothing to do with Argo not responding to higher BTC and all to do with the share price getting way ahead of itself and pricing in a peak of $100k+ - did any of the other miners see as big a rise as Argo over just three months (~6p to ~300p) ?

Obviously a valuation of a £billion was well above real value back in February and dilutions were obviously in the pipeline hence the general decline from that point forward.

No news for 7/8 weeks? Are you talking about the Q2 results? Maybe you've been asleep for a month but they'll be with us in 4/5 weeks following the new timeframes the company has been keeping to for a year now.

Anyone else seeing enormous value right now in Riot at $6? Averaging 500 BTC a month and targeting 12.8EH by the start of 2023, what am I missing?

I'm one of the inbetweenies! I agree with you AB, this forum doesn't need 'balance' it has more than it's fair share of shorters/derampers and of course there was going to be rampers last year following a 5000% rise! Most on here understand the potential upside and downside except you're more positive and bullish on bitcoin and crypto overall.. For you there's no question that bitcoin will over time continue to trend upwards and therefore so will Argo whereas for me to commit serious funds here I want the risk/reward as favourable as possible. I don't necessarily believe bitcoin will replace gold as the principal store of value or that bitcoin will become the reserve currency for major economies around the world etc - I just think we have at an absolute minimum one more bull run in bitcoin and depending on how this plays out there's the possibility of seeing a move down to ~30p followed by a move up to ~£2.50

In other words the more risk of this going to zero (due to BTC falling say <$20k) the better the risk/reward if you believe it has another emphatic move north in it within the next 12-18 months.

No Cindercone you aren't supposed to be excited by Bushveld hitting targets but it is disingenuous to focus on historical missed targets vs present successfully hit targets - the best the company can do now is recognise the damage that missed targets have had and work extra hard to a) set realistic targets and b) meet those targets.

For many consecutive quarters this has now been achieved and it will in time significantly boost sentiment if they continue to be achieved going forward.

That absolutely must give an insight into the company finances as that's roughly 15% of the HODL sold in one single month with bitcoin at around the 18 month low.

303 BTC/BTC equivalents HODL less than the month before - is that the biggest drawdown we've ever seen?

I get that zcash has fallen and some is going to Argo Labs but that's quite a steep drop for a single month.

BC - yes because bitcoin is down but also nasdaq futures down.

For now traders are going to stay away from Argo when the likes of Riot are valued just a few times what Argo is and are averaging 500 coins a month - if BTC were to start ticking up towards $35k those already producing huge amounts of BTC are well placed to take advantage.

Really? Monthly updates are usually on the 4th or 5th business day of the month, this is the second day of the month so I'd expect an update Wednesday.

Well obviously anyone sitting at a loss wouldn't have bought in when they bought in, they'd have put all their money in something that rose 500% with the luxury of hindsight and moved it all into BMN today at 8.9p.

That's not how investing works though, you pay your money and take your chances. So far for most of us this has been disappointing but those that believe it will come good are sticking with it.

What would you have rather come back as? A duck? Perhaps a squirrel?