Member Info for HarChris

https://www.vanadiumprice.com/

Those charts are looking damn good now!

They only come out when there's panic on the streets.

On Wednesday bitcoin fell to $34k, rose to $42k (over 20%) and stayed there for 24 hours before crashing back down. On Friday it tried again and then crashed down to $31k. So in answer to your question, I'll see it as a sign of a reversal if it can stay above $36k for 48 hours. So far so good.

They reduced their short from 0.63% to 0.59% - you'd think they'd be a bit more aggressive with the closure if they had inside info wouldn't you?!

No, I have an entry price and a bitcoin price in mind but I'm not buying until there's signs that bitcoin has bottomed out and is close to a reversal, whether that be £0.60 a share, £0.80 or £1.15.

Why has Tesla not sold its holdings? Because it would trash sentiment entirely and sink bitcoin, at least in the short term. No company wants that negative publicity.

Plus, they will fully expect bitcoin to be higher than $36k at some point (as does nearly everyone) so there's no need to panic with what is just a fraction of their treasury reserves.

This is still traders territory scalping from the $31k drop. It needs to push on and hold from here or we'll see further drops. So far they've been Wednesday, Friday and Sunday so let's see. Argo once again showing resilience though hence why I like Argo more than BTC itself.

No no no! I have til the end of June although I said I think it will happen before the end of May (and I still do). You were already wrong as your call was that the BTC bottom was already in Friday ;) mine is still in play.

It will help the Argo share price that the BTC crash occurred outside of market hours followed by a hearty partial recovery before market open. Those wanting in below a pound (me!) might not be so lucky - let's see what happens. GL guys!

Mittenator, I think I might be winning our sportsman's bet...
Ps, what was all that s*** about whales secretly accumulating yesterday? I called it out but it got a lot of support on here. Definite conspiracy theory although I do believe they'll all buy back in at some point in the 20s...

Yeah it's cool. I'm saying for example at $30k a bitcoin Argo's net profits (not accounting for difficultly changes but they won't be massively different at $30k) is about 30% of what they'd be at $60k a bitcoin. The number of coins mined would need to treble to offset that, is that possible? I don't know the answer to that.

And yes I agree about valuations based on future price but bitcoin has traditionally seen rises every four years, Argo are not going to be valued based on the potential for another bull run in 2025... of course this bull run might not be over and that's one (okay me) has to decide when contemplating investing now.

No need to patronise! I do understand but you are assuming that the price is going to $250k, I'm basing it what's happening. The current strategy is to HODL but cash burn won't allow that for ever so there is the potential that the holdings will have to start being liquidated at a low price.

The Argo share price will move in step with other miners and will be valued, at least in the short term, based on the profit stated in the monthly operational updates. I can assure you the next update is going to show much lower profits than April...

I take your point though BIGNIBBLER, it's an important one to factor in.

I agree the hash rate is an important factor but it's not more important. Are you saying if bitcoin had continued on up to $250k you think that would have been less important than the change in hash rate? I don't. You can be as efficient as you want but if the price of bitcoin continues falling (which gets priced in as the price falls just as the opposite occurs on the way up) profitability will be harmed.

I agree, this BB is turning into a circus. You all seem quite happy to debate with challengers as long as they aren't just making s*** up.

There is no question marks over Argo as a business or as a management team the question marks are now around valuation. It is currently valued at £480m based on the profits it is making mining bitcoin and zcash. If you are assuming that breakeven is around $15k (net, not gross) then at $60k BTC they were making $45k per bitcoin and at $33k BTC they are making $18k per bitcoin. That's about 30% the profit when bitcoin falls by less than half. In general I'm being kind as zcash has fallen from highs of $360 to $110 as of now.

The share price won't hold up above £1 (£400m mcap) unless/until bitcoin recovers and holds around $40k. It's also terrible timing in regards to Pluto if it is IPOing in a couple of weeks (wasn't aware of that).

It would be in Argo's favour if it turns out Peter cashed the whole lot in in the May update!

It's going to be interesting to see how miners react to this period. I believe (correct me if I'm wrong) that all the miners had moved to a HODL strategy, Hive, Mara, Riot, Argo etc. If miners were to commit collectively to HODLing long term that would be a very bullish stance as it essential reduces the number of new coins coming into circulation significantly.

Practically it's not going to be possible for mining companies to survive without selling some unless they can fund it through mining alt coins or defi etc plus the US/Canadian/UK listed miners only mine something like 6-10% of the total bitcoin produced globally but equally if they switch tact now to selling they are signalling the end of the bull run.

And I agree with those saying this is just fear mongering from Pearls. Even though I think bitcoin is going lower I'm confident wherever it settles it will be high enough for Argo to continue being profitable well into the future.

You're not going to be disappointed then Delacey!

This board, just like every BB, is made up of holders, potential holders, former holders who just want to see it fall to make themselves feel better, and shorters. In uninteresting times boards are mainly made up of holders but when the share price is rising rapidly or falling steeply it brings far more of the second, third and fourth along to shake things up!