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ARB Argo Blockchain Plc

0.20 (2.16%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Argo Blockchain Plc LSE:ARB London Ordinary Share GB00BZ15CS02 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.20 2.16% 9.45 9.00 9.90 9.45 9.45 9.45 497,483 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 47.36M -194.23M -0.3628 -0.26 50.59M
Argo Blockchain Plc is listed in the Business Services sector of the London Stock Exchange with ticker ARB. The last closing price for Argo Blockchain was 9.25p. Over the last year, Argo Blockchain shares have traded in a share price range of 6.25p to 35.50p.

Argo Blockchain currently has 535,325,166 shares in issue. The market capitalisation of Argo Blockchain is £50.59 million. Argo Blockchain has a price to earnings ratio (PE ratio) of -0.26.

Argo Blockchain Share Discussion Threads

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Bitcoin now only $60,172.

Lemmings and mushrooms only.

ken chung
Sales massively outweigh purchases today. How long can ARB stay above 10 pence?
Bitcoin below 62,000 usd, so Argo currently pays more in "direct costs" to mine a coin than a coin is worth. SELL.
Surprised this is not at 3p yet
Hing King ETFs Crypto trading debut value dwarfs US, on its first half a day :* The trading volume of the newly listed spot bitcoin and ether ETFs in Hong Kong amounted to over $6.3 million during the morning session today, according to HKEX data.* In comparison, when the 11 spot bitcoin ETFs began trading in the U.S. in January, their daily turnover reached about $4.6 billion on the first trading day.Https://
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.


Or not.................Ker Ching !!!!
Bitcoin now only $62,880 and the mining reward recently halved from 6 to 3 bitcoins per winning block.Are ARB on a trajectory to go bust at that level?Lemmings and mushrooms only.
ken chung
The whole mining sector having a very rough session across the pond. ARB first to go bust?
If ARB is taken over or merged with another company it is most likely to be Bitfarms that mines in Quebec BITF. At about 10 times the market cap of ARB it appears a reasonable likelihood.

It's getting boring reading the same prophet of doom posting the same opinion over and over and over and over .....
And yet the share price stays strong.

Only a few days left to sell ARB before the next operational update, which is likely to be dire.

ARB stated the "direct costs" of mining each coin was 31,000 usd pre the halving so now it is 62,000 usd. They didn't mention the indirect and therefor total cost of mining each coin but at the current bitcoin price it looks like this business is going bust.

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.

Your penultimate paragraph is exactly whats going to happen here JakNife and there's only one potential person/party that will benefit ultimately and thats Novogratz/Galaxy!
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!


^^ The chart for ARB's bond, which trades under the ticker ARBKL and (confusingly) has a nominal of $25!
Not that I follow EW folks but it seems BtC maybe heading lower in the short-term before that much anticipated x'plosion!


And yet the share price stays strong.

Off topic but interesting ! If your interested!

You seem to love your Lemming & Mushroom diet KC.
Having carried out further research i just think something really has to give in relation to mining costs, they are absolutely obscene and getting worse.

The halving events, lets not forget another one in four years unless they change this rule will result in the downfall of Bitcoin. Totally killing off mining. its just not sustainable.

On average Bitcoin miners are paying something like $105 K to produce a bitcoin and sell them for $63K.

Meanwhile, Gold miners pay about $1200 to produce a gold coin and sell them for $2300
There is now a total loss of perspective for production as i see it, not sure if it can be fixed.

Thanks for proving my point for me tenapen....Ken didn't mention May, you did.
Full year 2023 earnings releasedFull year 2023 results:Revenue: US$50.6m (down 12% from FY 2022).Net loss: US$35.0m (loss narrowed 85% from FY 2022).Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in the United Kingdom.Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance.
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