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On pg 112 it also states "This number represents (i) 5,631,197 ordinary shares owned by the directors in the aggregate, as of June 30, 2021" which therefore confirms those share were EXISTING not new shares!!!

@K3VMC 'Nobody cares'

I do, it makes a big difference if shares are purchased by Directors! - If you don't understand the reasoning behind that, you have a lot still to learn!

@Lolades78

I've scanned over the Edgar prospectus from 23rd Sept:

https://www.sec.gov/Archives/edgar/data/0001841675/000110465921118579/tm2115473-31_424b4.htm

But can't find anywhere that says any directors actually purchased shares or ADRs? - All I can see if they are not allowed to sell shares they own, here is the quote on Pg 148 from the last prospectus and doesnt mention *outstanding*

"5,631,197 ordinary shares will be eligible for sale upon expiration of the lock-up agreements described below, beginning more than 90 days after the date of this prospectus."

Can you share where it says directors purchased shares?

I was reading the "Argo_final_prospectus.PDF" on their website https://argoblockchain.com/investors/ which you would have hoped was acurate source! :-/

I'll have a look at Edgar later...

Just reading the prospectus again, on pg82 about lock in period it says

“Each of the Directors have undertaken to the Company and the Underwriters that they will not, and will procure that any associated party will not, dispose of any interest they hold in the 5,631,197 Ordinary Shares held by them”

So, that to me reads 5mln *existing* shares that they own, rather than *new* shares!?

@Cala "Lola, if directors buy shares it has to be publicly disclosed."

I was looking into this the other week, reading the LSE docs and I'm still not 100% clear on the rules. Argo *did* publically disclose that directors were buying in the official prospectus, but I'm not sure if that counts!? - Usually it's done via a RNS... I'm assuming it was the non-exec directors, and don't know the rules around those, is that the same as exec director does anyone know?

Currently disclosed: https://uk.finance.yahoo.com/quote/ARB.L/insider-transactions?p=ARB.L
Official DIrectors: https://find-and-update.company-information.service.gov.uk/company/11097258/officers

ARB is not the only BTC or Crypto company on Nasdaq, there are plenty of other opportunities out there, if your only in ARB, your missing out on the e.g 8-18% rises yesterday etc

Reading the board here reminds me of a change curve, there are lots of people looking to blame someone or something for the current SP. ARBK was oversold (Robinhood buyers didn’t get their full allocation!) and all the talk about MM’s and shorts is, to any experienced investor laughable!

The reality is, we have more people wanting to sell than buy, read my posting history to find out why I think that is but lack of buyers is the reason the SP isn’t going up currently.

@Lottohopes - are you being paid by Argo to promote them?

@the_chuz “I'm getting close to dumping my whole holding and sticking it in Hut, Mara or ANY.”

Now there’s many miners on Nasdaq, I took the decision a while ago to spread my risk and feel much better for it! - I still hold Arb but a MUCH smaller position. If/when things change in the future, I’ll probably move funds around again. Currently HUT is my largest miner pisition and is up 7% today! :-)

After doing this for many years, the biggest thing I learnt is not to get emotionally attached to a share or position. Things will no doubt work out okay for Argo, however the timing of when that is, for me, is questionable. Hedging across multiple miners allows you to reap the benefits when BTC rises without as much risk.

PW’s already put a deposit on some rigs and will need to find many $mlns to pay for them, however, that’s only accounts for a small % of the MW capacity, so leasing (possibly via Celsius again) could be a possibility for the ePIC rigs.

This is the key missing info IMHO, we have the funds to build Texas but don’t have enough to fill it. The sooner that info is disclosed, the sooner the SP moves.

IIRC, the catalyst for HUT8 was the announcement of how they would spend the funds from a raise? Wasn’t Bitfarms similar?

Argo has already announced how they will spend their money, the missing information is how they will deliver the rigs for Texas. I think that’s going to be the catalyst, maybe negative or positive on price but will be where Nasdaq volume starts.

I was watching the BTCUSDSHORTS chart earlier and noticed BTC was being manupilated, facinating to watch, at 9am there was lots of shorts taken out (starting at $51k) and you can see the BTC price dip back to around $50k then around 12:40 the shorts were being covered and BTC price shoots up to $52k (higher than before the shorts were started). If you add FOMO into the equation, its not hard to see how some of these whales can manupilate the prices!!

https://www.tradingview.com/chart/MVVjWg2t/?symbol=BITFINEX%3ABTCUSDSHORTS

*Just noticed a typo
Hut 326 -> 264 = - 19.02% (not 29.02% stayed below)

@k3vmc “ Trying too hard there. The smile doesn’t hide the trolling. You are out right now. Buy back in and you can brag about $51k+ btc and smashing it next year.

Until then, all we hear is sour grapes.”

No sour grapes here, I’m invested in HUT8, Mara, Hive, Any, Bitfarms, Galaxy (along with many others in non-crypto land) and a significant investment in Argo.

Yes, I sold 3/4 of my holding, I’ve been around this game for some time and took some profit…. I think Argo will go back up but there is lots of opportunities out there!!

@Joghottit

I’m intrigued, would you perhaps explain how we will pay the $100-250mln cost for the mining rigs for Texas?

Are you paying for them? ;-)

Here’s the scores on the doors from our peers for Aug/Sept (note many also installed new miners too)

Name / Aug / Sep / %
Hive 417 -> 407 = -2.4%
Riot 441 -> 406 = -7.94%
Dghi 44 -> 38 = -13.64%
BITF 354 -> 305 = -13.84%
Hut 326 -> 264 = - 29.02%
Mara 470 -> 341 = -27.45%
Argo 206 -> ??? = ???

Reading messages here and on several other outlets, it’s clear that sentiment is way down, so much so that a rise in BTC has not lifted the price.

Personally & I think many are thinking the same, is whilst we have the funds to complete the building in Texas, we don’t have them for the mining rigs. Until we hear how we’ll be paying for them, especially as history suggests that could be another raise of more than the last IPO, I suspect the price will be stagnated.

As most of our peers have now provided updates for Sept, there is also trepidation on what or why ours is delayed (everyone else gave updates in their “quiet period”). I suspect we will have mined around 150 BTC in Sept, which is less than many will expect but inline with some peers for Sept!

When the quiet period is over, I will be asking PW at whatever Q&A medium is available how we will be paying, and suggest you do too, as only when we know this do I believe we’ll catch back up with our peers and BTC.

@Magnum PI - Thanks for the link, great resource with updates every 5 days it seems! :)

Now we have a photo from Twitter, thought I would find it on Google Maps, this appears to be the location - just need the sat to keep going over and taking pics now!! :-)

33°46'29.8"N 100°52'13.4"W
https://goo.gl/maps/takzYoqJHFkQCxWV8

Just been digging into ePIC and various sources say they are working on two new miners, one was scheduled for Q3 2021 and another in Q4 2021. It’s the second one which they seem to be most excited about. They will be mining a top 10 (in April 2021] Altcoin, the only altcoin I can see references to on ePICS Twitter is Ethereum Classic.

ETC seems to fit with a AMD background, so my prediction is Argo will be going with their Q4 ASIC (code named Amnesia, which happens to be a game from Epic MegaGames) but after the reported delay recently for the Q3 model, I don’t think Amnesia will be released until at least Q1 2022.

Anyone know anything about ETC, sound like a viable coin to mine?

@Hexam I assumed 842,000 TH/s from the 840 new miners, https://www.cryptocompare.com/ suggests that delivers 16.88 BTC per month, remove that from their Sept # gives 288 BTC which is a drop of 18.5% from Aug

Applied to Argo that would mean ~168 BTC (I incorrectly used 17.5% instead of 18.5% previously)