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Another Great Post Billfunk.
We have seen a lot of new investors over the last 2 weeks and btc hasnt consistently breached $12k yet, just imagine when it breaches $15k and then a new all time high..
We have all caught this bubble early and now we can sit back and enjoy the ride.
stay safe
Great post Arkonite - I am more for a dual listing but do agree with on the London standalone comment .. having a stand-alone uk listing could be advantageous, but like you and others have said , we need to invest in some good PR and marketing to the UK audience ..
To be fair , it only takes a couple of big well known posters on lse and on twitter and the sp will multiple .
Based on current zcash value , we should be making £500k profit in august from zcash alone .. a lot of positives
Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to provide the following operational update for July 2020.
During the month of July, Argo mined 165 Bitcoin or Bitcoin Equivalent (BTC) compared to 180 Bitcoin Equivalent in June. This takes the total amount of BTC mined year-to-date to 1,834 BTC.
The reduction in the number of coins mined in July compared with the number mined in June was a result of a rise in mining difficulty mid-month. Argo continues to mine at the most cost-efficient mining settings and is pleased with the overall mining performance given market conditions.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in July amounted to £1.25 million (June 2020: £1.41 million). Argo generated this income at an average monthly mining margin of approximately 34% for the month of July (June 2020: 27%).
At the end of July, the company held 76 BTC in Bitcoin and BTC equivalents, in accordance with the Company's asset management strategy.
Argo's total mining capacity stands at 18,000 machines and 730 Petahash in addition to 280 Megasols of equihash mining capacity.
Peter Wall, Chief Executive of Argo, said: "We are delighted the month of July saw Bitcoin break through the US$10,000 barrier as this will have a material and positive impact on our mining margins going forward if the price stays above this level. The directors consider Argo to be one of the most efficient miners in the sector and well placed to capitalise on the increase in the price of Bitcoin as a result."
This announcement contains inside information.
Completely agree with this post , btc and zcash values were considerably lower in July and we know Argo sell into the market regularly each week ..
A big unknown for July , is whether peter and his team has ran the rigs at a cheaper rate to avoid losses and to play it safe , we saw this in June .. difficulty also went up in July which will also affect the results .
The future is very bright and I am very bullish on Argo for so many reasons , but it is important to recognise Julys result probably won’t be spectacular.
I think Peter's Wall plan is to keep adding in small amounts to the number of machines, it will be interesting to see how many he picks up from distressed sellers.
As the price of BTC goes up, most of the rise will go to the bottom line. August is going to be a great month, Zcash could represent 50% of the profit from 30% income, off course this will change if btc moved north.
Very good post dan the man , I think margins will be slightly higher than your estimate but more importantly we just need to be patient ..
Q4 is meant to be huge for bitcoin value now .. sit back and enjoy the ride .. I haven’t sold a share yet and don’t intend to .
Another cracking day - some really positive comments on the board . More big sells than I thought but if you had brought in around 3p to 3.5p , you might want to sell .
For me , this is a 12 to 18 month hold , but everyone has their own time horizons and I wish you all the best of luck.
Bitcoin adoption is really starting to get going , greyscales huge investment new rules for banks in the USA , fidelity owning 10% of a miner , Russia and India recently changing their banking rules and off course PayPal.
For anyone who sees this investment as more than a trade ,
Read PlanB’s stock to flow model , next year we could be looking at 6 digits for the price of a bitcoin ..
Let’s hope tomorrow is another blue day
Stay safe
I wrote this post a couple of weeks ago - when Zcash was $59 it is now $70,(18% higher)how many businesses have a payback on equipment of 8 months, but now based on Zcash being $70, possibly six months
Zcash
I have been trying to understand ZCASh and the impact this has on the monthly accounts.
On 19th June 2020, the Company purchased 750 Bitmain Z11 mining units for US$474,000 to add to the Company's existing 1,000 Bitmain Z11 mining units currently in production. The additional 750 units went into production immediately at the time of acquisition and are currently running at full capacity.
We were also told that the new rigs had a payback period of 8 months. Under normal circumstances this would mean we expect profit of $474,000 / 8 per month which is roughly $60,000 a month, but due to Zcash halving in November, I assume this means, we will making $80,000 profit from now to November and then $40,000 for December to February.
So based on 1750 machines, we can assume $80,000/750*1750 we are making $185,000, lets says $175,000 a month profit from Zcash.
On the 19th June 2020, Zcash price was around $52 and now it is $59, a 13% increase in price. On the difficulty side , it does appear we are averaging 10% higher since 19th June 2020.
So I believe we are earning about £200,000 ( changed from dollars to pounds) in profit which covers all operating and administration costs.
25% of income is accounting for £200,000 profit, which means bitcoin can produce a small surplus or breakeven while btc price is low.
If my figures are correct, this was an incredible deal by Peter
Wow Monday was awesome, well done to all Long term holders and welcome any newbies.
Argo is still heavily undervalued and if you are buying in now, I believe you have a great price.
If you are looking at Argo for the first time, I would focus your research on events since the 1st January, since Peter Wall has taken over. He is slowly transforming the business and is technically very strong on the day to day efficiencies of the rigs.
Presently 80% of our income comes from Bitcoin and the other 20% comes from Zcash, both of which have increased considerably.
Any increase in price of Bitcoin or Zcash, goes straight to the bottom line.
Our electricity charges of $0.03 cent is incredible, check out the argo website and compare this to our competitors.
Good luck all.