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ARB Argo Blockchain Plc

0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Argo Blockchain Plc ARB London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 11.50 08:00:21
Open Price Low Price High Price Close Price Previous Close
11.50 11.00 11.50 11.50 11.50
more quote information »
Industry Sector

Argo Blockchain ARB Dividends History

No dividends issued between 19 May 2014 and 19 May 2024

Top Dividend Posts

Top Posts
Posted at 13/5/2024 20:14 by 1knocker
BTC is below its 50 day MA. How long does this weakness continue? With ining costs doubled by the halving, ARB's balance shett weakness is a serious matter. If it waits until it has all but run out of road, any capital raise is going to be at a deeply discounted price.

Be very careful with ARB.
Posted at 01/5/2024 10:49 by 1knocker
porky, there are posters (including me) who have many times explained in detail why ARB is a high risk low reward play. You do not need to hear it from Ken Chung to understand the negative case on ARB.

As I say, the bear case is well documented here. What I don't find posted, here or anywhere else, is a convincing bull case.

All the miners are an indirect bet on BTC, with trading and operational risk which is avoided by buying BTC. ARB is pure trading and operational risk, because it holds no significant quantity of BTC. The risk is high because ARB has a weak balance sheet, is loss making and is running out of runway. The reward is low, because even if BTC goes vertical, ARB has few BTC to appreciate in value. Thus, even if you want exposure to BTC through the mining sector, how is ARB the best way to do so? As I see it, the only (small) advantage it has (for us) over the other miners is that it is sterling investment, saving FX costs on buying and selling..

What is the bull response t that ?
Posted at 01/5/2024 05:41 by porky9
I do wish the poster @Ken Chung unless its a computer bot, would articulate their rationale behind their negative stance rather than just posting the same "bitcoin halved" event and "Lemmings and mushrooms" comment. Clear they are shorting.

The comments by @Broomrig i tend to agree with in so much that ARB faces massive energy costs to mine bitcoin and it looks more and more to me that there is an actual floor in the crypto currency structure policy with these halving events written in.

It is killing the very mining industry off that Crypto needs to survive. To think that ARB will face yet another half reward event in another four years doesn't bode well for it at all frankly. They need to reduce production costs now and will be under constant pressure to keep reducing mining costs again and again until its not even possible to do so. The rules must change as i see it.

As a side, I positively hate the fact that Bitcoin is effectively controlled by a handful of whales and do wonder if the event was written in to boost the pots of these whales, in principle if there is less of something the price should go up however what they didn't bank on was miners having to dump reserves to stay in business hence increasing supply whilst the price of bitcoin so ridiculously high now it may just have peaked hence whales selling chunks adding further downward pressure - jury is out on the future of Bitcoin itself but as for miners, it does kind of look like the landscape is bloody challenging for them that's for sure.

Think ARB could do with a black swan event, such as rules being changes for the future or a miracle way to reduce energy costs.....
Posted at 29/4/2024 23:28 by jaknife
At the current rate ARB is hopelessly loss-making. You can work it out yourself by taking last year's numbers and projecting them forward for 2024.

Revenue last year was $50.4m. The halving took place on 20th April and so, very roughly, you could assume four months at the same rate as 2023 and then 8 months at half that rate, hence:

( 4 / 12 + 0.5 x 8 / 12 ) x $50.4m = $33.6m

= ARB's forecast revenue for 2024

power and hosting costs for 2023 were $28.8m (assuming that the "power credits" were converted to cash)

and operating expenses were $19.3m

you don't need to go any lower in the P&L to see that ARB is now hopelessly loss-making.

Posted at 28/4/2024 21:21 by 1knocker
I am out of ARB, and have ben saying for some time that it is un-investable. As I read them, the results give chapter and verse for my reasoning.

I have yet to see a convincing case for investing in ARB, even if the mining sector is a good bet. On any metric yu look at, it is the runt of the litter. I don't see that the opportunity to buy in sterling, saving FX costs and cutting out potential exchange rate risks ( and potential rewards) begins to make ARB the go to miner, even for sterling investors.

For those who favour the minig sector because of their BTC holdings (1) ARB has almost none and (2) if you want exposure to BTC, buy BTC, not a miner.
Posted at 28/4/2024 14:32 by jaknife
Here’s a quick journey through ARB’s finals that were released last week:

1. P&L
* Revenues are down 14% at $50.6m, the company says ”driven primarily by a significant increase in the global hashrate and associated network difficulty level.” Note that these are for the year ending 31 Dec 2023 and so don’t include the effect of the recent halving from just over a week ago.
* Gross profit is $3.8m, noticeably there is little movement in the fair value of crypto assets as ARB no longer hold significant crypto on balance sheet. “Digital assets” at year-end were just $385k, which is significantly lower than the $109.0m that ARB held going into 2022, during which it sold nearly all of its crypto.
* ARB highlight the depreciation that makes up the gross profit line ($18.7m), which is a helpful reminder of this non-cash item.
* After operating expenses of $19.3m and (non-cash) remuneration paid by shares of $4.0m there’s an operating loss of $19.4m
* And then finance charges and other costs bring the P&L to a loss after tax of $35.0m

The P&L basically shows a loss-making company further weighed down by the burden of interest.

2. Balance Sheet
* The main asset in the balance sheet is property, plant and equipment ($59.7m), cash is down from $20.1m at the start of the year and is now just $7.4m
* On the other side loans and bonds total $62.5m of which $14.3m is current (ie due within 12 months of the balance sheet date). Note 25 explains that the “Galaxy loan” is repayable on an amortising schedule.
* Net equity has declined from $24.6m to a mere $158k

3. Cash Flow
* The business does generate a small amount of cash from its operating activities ($3.8m in 2023) but once you factor in interest at $10.7m and loan repayments of $14.1m it’s cash burn city! And if you half the "Revenue from digital assets" then you can get a glimpse what the cash flow will look like from April 2024 onwards.

4. Conclusion/Forecast
ARB wasn’t profitable in 2023 and it will get even worse in 2024 following the recent bit coin halving. If you look at the numbers for 2023 then you could imagine a mildly profitable company *IF* the bonds were converted to equity.

However allowing for the bitcoin halving, even if the bonds were converted to equity, then ARB would still make a stonking loss in 2004. And the big thing is that ARB’s bitminers are rapidly becoming inefficient and obsolete but ARB isn’t generating enough cash to replace those bitminers!

ARB’s equity is ultimately worthless, the business will never generate adequate cash to provide a return to equity, if it generates any sort of cash then all of that cash is going to go to service the debt. They could look to recapitalise the business by converting the debt to equity, at a price that wipes out current equity, but even then the business isn’t going to generate a profit without a substantial slashing of expenses.

Regardless, something needs to happen soon as ARB must be running on fumes!

Posted at 26/4/2024 08:37 by ih_818120
Ken Chung - 14 Apr 2024 - 07:33:26 - 34061 of 34153
Bitcoin just $64,557.
Will ARB go bust after the halving next week?
Lemmings and mushrooms only.

Ken Chung - 14 Apr 2024 - 00:17:44 - 34060 of 34153
Bitcoin just $65,164.
Will ARB go bust after the halving next week?
Lemmings and mushrooms only.

Ken Chung - 12 Apr 2024 - 22:32:40 - 34057 of 34153
Bitcoin just $66,848.

Will ARB go bust after the halving next week?

I gave him the benefit of the doubt and a few weeks wiggle room on his predictions.


Ker chung
Posted at 14/3/2024 15:03 by 1knocker
Despite the much improved management team, I do not see a future for ARB.

It is a small operation, with no USP or operational advantage, no significant holding of BTC, and a weak balance sheet.

It needs to raise capital to expand its operations, and at its current market cap even a highly dilutive capital raise spent on new mining capacity would still leave it very much at the small end of the sector.

It has little in reserve to ride out any period of unprofitable mining following the imminent halving, and is thus at the mercy of the BTC price. With the world, his wife, and their dog all unanimous that BTC will keep on rising, I can't help wondering if we are due a sharp pullback in the BTC price some time during the next few months.

Sorry to be so negative, but it is a view I have held for some time.I sold the last of my ARB a while back, before BTC got motoring, and above the current price. Even if you see value in the sector, I can't see a case for selecting ARB in preference to one of the stronger US miners. Buying US shares is not difficult, and as none pay dividends there is no jurisdictional tax complexity to contend with.

Personally, I don't much like the crypto mining sector. It seems to me that the crypto currencies themselves and the crypto brokers are the way to play this bull run.
Posted at 22/2/2024 10:43 by 7rademark
ARBs short term share price is reliant on BTC. But ARBs Sp as with other miners can over react and give a greater reward or loss than owning BTC. if BTC puts on another 10% before halving I thing ARB will go alot higher hence my comments. I don't really care about ARBs medium to long term future or knockers negativity. If the trade fails so what.
Posted at 20/2/2024 18:37 by 1knocker
Be careful, 7trade. ARB's balance sheet is weak, it has no great stash of BTC (unlike the big US miners), its mining operation is unprofitable on an AISC basis and its costs of mining each BTC will double after the halving. It need to raise a LOT of capital if it is attain critical mass. Expect a deeply discounted, highly dilutive, issue of new shares. ARB has no USP now. I think you need to identify a big potential upside for ARB to outweigh the risks in order to conclude that the risk /reward ratio favours buying ARB rather than BTC. ARB will suffer if BTC falls, but ARB also caries operational risk which BTC does not.

The consensus seems to be that BTC will soar on the halving, but the world and his wife are also pointing out that BTC has a highly predictable price movement pattern on halvings. Logically, one would expect that market expecting such a rise would have priced it in ahead of the event. If the expected surge does not occur, inflows of investment int te new BTC ETFs may not be as great as expected either so that they will provide a smaller tailwind than expected. On the other hand, a BTC price surge big enough to catch the eye of the non-financial press could lead to sudden large inflows into the ETFs, and a liquidity spike. In that event, the tricky question would be when to take profits, as hot PI money might well flow out as fast as it flowed in on a sudden price drop.

Those considerations also pose a very tricky question as to when ARB should raise capital: go early, while BTC is on the rise, or go later when it may be much higher (and with it the ARB SP), but at the risk of missing the boat if the BTC price does not behave as predicted on the halving?

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