Member Info for Hexam

…and of course their coins per EH in one of the worst if not the worst.

Basically a perfect storm of bad metrics leading to what I suspect is the highest cash breakeven figure among the miners.

They also don’t pay their staff as much in shares compared to most. Plus others have tapped the market more in terms of share raises so less debt and lower interest payments.

I said it slightly tongue-in-cheek but would be surprised if anybody is under $15k per BTC cash wise - but they are a contender as they are among the top ones in term of coins per EH. Will have a look later when I’m home…

Then they’re all criminal (just less so).

…and no chance of 250 BTC

$26k? Oh come on, be serious.

Yes, I do think ARB will go under within 6 months IF BTC doesn’t rocket UNLESS they get funding.

It’s a conditional statement i.e. I don’t know if they will actually go bust as I don’t know what BTC will do or if they will get funding. I’m not hopeful on either but I don’t pretend to know.

“it's quite strange how the Market works to maximize value for themselves 95% drop on news that CINE is entering chapter 11, but news that CINE is going to exit chapter 11 intact, only gives back 4% so far?”

How does that maximise value for themselves? And it didn’t drop 95% on chapter 11 news. How do we know CINE is going to emerge intact (and what about shareholders)? And why is 10p ‘fair value’. 10p may be what you think it should be but clearly not the rest of the market.

Ramping won’t affect the share price any more than the trolling this share attracts.

There hasn’t been any real news since the last RNS, apart from the refinancing approval, so we just have to wait for that, good or bad. Still, it was at least nice to see a bullish statement by CINE - any statement from them is rare enough!

Agree HC that the cash cost is much more important at the moment - though that wasn’t the question.

I still reckon around $30k cash wise though it did drop a bit in October with the lower power costs.

Of course we’re due another update soon as well as the quarterly accounts which will give an update of the overheads. I’m expecting they’ve come down a bit - but more because of belt tightening than interest (Galaxy wasn’t that big anyway and they more loans now from NYDIG).

$40k+

“The fact they used the wording all other stakeholders intact.”

But they have not said that at all. CINE intact perhaps but as far as stakeholders go they are trying to maximise value to all of them (including shareholders) - which is what they should always be doing anyway and would expect any other company to say the same thing.

They are not in any way promising that shareholders will escape dilution of some kind.

The rooms are electronic these days Wolf :)

No problem. Replied without looking at post or page in detail (footie distraction). Now have and you’re right the data room is now open but, as it suggests, it is in early stages and will be updated up to end of week six and no doubt beyond.

Apologies - was thinking of a similar post and was also distracted by the footie. Given it’s taken a week I’d hardly say it’s ‘loads’.

CIM - Confidential Information Memorandum
AHG - Ad Hoc Group
UCC - Unsecured Creditors Committee

The CIM contains high level financials so sounds like hasn’t reached data room stage yet.

PI - It wasn’t me.

I don’t think we were ever told the amount were we?

About £7k does look about right though from what information is in the accounts.

“would Argo be owed any monies back from those down payments with bitmain”

Don’t see why but then again I seem to remember another miner getting a ‘rebate’ recently?

Depends what is in the contract but as they’d already paid and had the machines delivered I can’t imagine any money being given back. But who knows, though it would seem very odd to me…it is a very odd industry!

“I think PW operates on a "everything will be ok" mindset”

The modern day, real-life Mr Micawber?

Perhaps he’s right though - something will turn up…

"Is that one simplistic way to think about it? Ie was $6bn still is $6bn"

Yes

The other $935m of DIP financing was split $664m (which WAS new debt) and $271m which did not change overall debt but moved the debt in the RoW from the existing lenders to the DIP lenders.

"Is the general consensus that the bloomberg article is a positive?"

That's the million dollar question - or perhaps the billion dollar question.

It may indeed shake up the share price next week but whether ultimately it is good for shareholders is really hard to tell.

The RoW business, pre-Covid, in 2019 was around 12% revenue but a much bigger share of profits. So would $600m to $1bn be a good price for shareholders and an indication that overall there will be something leftover for shareholders if the whole lot is eventually sold?

Anybody on here that says definitely one way or the other is probably best to ignore but I feel it's a good sign that there is at least interest and the Bloomberg story does have a lot more substance to it than the Vue one which was basically a fluff piece.