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Dan i agree on RTO - pretty certain of it
Sadly i think the SP is going to continue to drift, someone called 3p a few weeks ago and they were right.
I dont like the BOD here, buts that only my opinion , i invested due to the assets they held.
Hopefully news soon
great story thanks for sharing..
Justeat france now take bitcoin - https://decrypt.co/41059/just-eat-now-accepting-bitcoin-payments-in-france
Poptimist - General Overheads are down to £165k a month, the biggest variance for me is depreciation, i had a difference of £700,000, but once i re worked my spreadsheet it out my £200k.
Everyone is entitled to their opinion, but i am happy with the H1 figures, especially the EBIDTA figure.
Lets hope for a good day..
Hi Revoy
My personal sp target by the end of the year is 15p .. I think this month will be a big news months
What a week for ARGO and BTC.
August update was amazing 44% margin, which is just incredible. I guessed 45%, but I hadn’t considered the change in the dollar rate, so 44% is brilliant.
Broker – Finncap are a great appointment, very good firm of brokers, I have done some research on them and they have a lot of experience with young companies , support them with II’s, cheap access to funding and high value investors. I think this is a great appointment. Some investors might be concerned about placing, but I don’t see this happening at these prices, it would make no sense.
I posted on Monday (31st August) that I was expecting a big month for argo and bitcoin, argo delivered and I am expecting the interims in the next couple of weeks, which I expect to be more detailed than the interims last year, a lot of LTH’s are expecting administration costs to be materially lower. BTC on the other hand started crashing on Wednesday and kept going, we all need to remember we are not invested directly into btc and zcash, we are invested in a super-efficient miner who don’t need to sell their btc daily or indeed weekly, we have cash in the bank and time on our side for btc price to recover.
BTC is expected to drop to $9,600, so Monday open could be very red, Friday open was also very red and I know of a few people who tried for hours to get their buys in.
Good luck all
Nice £18k buy
03 September 2020
Argo Blockchain PLC
('Argo' or 'The Company')
August Operational Update
Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to provide the following operational update for August 2020.
During the month of August, Argo mined 166 Bitcoin or Bitcoin Equivalent (BTC) compared to 165 Bitcoin Equivalent in July. This takes the total amount of BTC mined year-to-date to 2,001 BTC.
The number of coins mined in August compared to July can be attributed to the minor fluctuations in mining difficulty throughout August. 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 August amounted to £1.49 million (July 2020: £1.25 million). Argo generated this income at an average monthly mining margin of approximately 44% for the month of August (July 2020: 34%).
At the end of August, the company held 183 BTC in Bitcoin and BTC equivalents, in accordance with the Company's asset management strategy.
This month, Argo also claimed 100,000 Polkadot (DOT) which were purchased in Q1 2019 as part of Argo's research and innovation work into hybrid consensus mechanism blockchain projects. Polkadot is designed to enable interoperability among different blockchains, which could enable new use cases for blockchain and cryptocurrency. DOT is now trading at $5.92 and the Company is pleased with the growth of this asset to date. Argo's management team believes that projects like Polkadot will play an important role in shaping the blockchain ecosystem and advancing cryptocurrency mass adoption.
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 with the continued strong performance of Bitcoin throughout August as the price remains over US$11,000. This increase in value has positively impacted our mining margin and enabled Argo to remain one of the most competitive efficient publicly listed miners globally."
What a great positive day, ARGO is slowly starting to be noticed by more and more investors.
I think September is going to become my new favourite month.
BTC price will continue to increase and with it more media attention
H1 results are due, i am confident they are going to show a very good EBITDA , this will truly show how undervalued we are compared to our peers.
August trading update - we have all been counting down to this one..
I am guessing we will hear about some more rigs being ordered, do we go ZCash route or bitcoin or something new.
and possibly a curve ball will be announced.
Good luck to everyone invested and stay safe
Big buys , but no big movement in SP
HI all
Here is a rough guess for August figures
During the month of July, Argo mined 165 Bitcoin or Bitcoin Equivalent (BTC) compared to 180 Bitcoin Equivalent in June. 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%).
Sales £1.25m
Cost of Sales (£825k)
Margin £425k
So 165 Bitcoin equalled £1.25million –(£1,250,000/165) average bitcoin price £7,575, so in dollars (£7,575*1.20) = $9,090…
Let’s say they do 165 bitcoin in August the same as July, okay average btc price $11,500
So 165*11,500*0.8 = £1.518m for August which is £268k greater. (£1.518m-£1.25m)
Lets assume 10% of £268k goes to Cost of Sales.
August Sales £1.518million
Cost of Sales (£825k+£27k) (£852k)
Margin £666k
Margin % 44%
Hi all
We started the week with a sp of 6.65 and ended with 7p, pretty impressive, when we have had no news and btc price was around 11,850 Monday and now around 11,700.
This time last month, Argo's share price was 3.55p and now 7p , i will be very happy is the sp is 14p on 21st September.
Have a great weekend and stay safe
Its the perfect storm for ARGO, margin led, cash in the bank and as the price of btc goes up, at least 75% of the increase in value goes to profit.
We see a lot of predicted SP's on this BB, some of them seem very high, but if you google bitcoin news and start understanding the mass adaptation that is happening, you really start to appreciate how low this business is valued.
my sp target within 6 months is 20p, which is i expect to hit when btc gets to around $15k.
I also attended the call, thank you Torham for your summary
For me, the standout things were
Margins – Peter mentioned that ARGO are margin led and not income led (also included in June RNS), for me this was the standout news. To be margin led, the ARGO team need to be very cost conscious and work as a team. For me, this makes them the stand out business in the sector.
They have already documented that they are reducing the general overheads and administration expenses, to now have joined up thinking at the margin level , is great.
So on the monthly updates, we need to focus our attention on the margins not the income.
Cashflow - Whilst we didn’t have a direct conversation about cashflow, he did give information about creditors being paid within 60 days, which is a massive improvement compared to 31st December 2019 position, where I believe it was more like 90 days.
Lip Service - I truly believe Peter takes on investors suggestions for improvements, he definitely doesn’t pay lip service to people, this is very rare for a CEO to be so engaged with its retail investors. Especially a CEO who is based half way across the world.
Long term – One of my concerns was Peter’s future at Argo, but he gave many assurances in the call that he wants to build a solid business based on making good long-term decisions. I was very pleased to hear this.
Finally, Peter is a very smart guy who cares a lot about us, investors and his team. Whatever decision he makes in the future about dual listing , rig purchases and share buybacks, I will support them as I believe he is making them for everyone’s best interest.
stay safe