Bac0n wrote: The Bac0n Diaries Part #20
Date: 23/04/2021
Closing Share Prices:
HIVE - $3.55 -2%
RIOT - $38.48 (usd) +5%
HUT - $6.57 0%
BITF - $4.48 8%
Comments:
Wow 20 diary posts, how time flies when you are making money!
Welp I tried to help the poor HIVE investors out, and advised them to dump HIVE and buy BITF when the spread was only 20 cents or so.
Now that spread is almost a dollar, bet you wish you listened to me now :)
Ah well you can't fix stupid.
anyways! down to business.
BITF released some INCREDIBLE news today, they are now the LARGEST bitcoin miner in North America (PAAARRRTTY!)
they raised their hashrate 15% overnight! this company never ceases to amaze, incredible growth and management. link to the news release can be found here:
https://bitfarms.com/app/uploads/2021/04/Final-Press-Release-Bitfarms-Foundry-Announcement-April-23-2021.pdf
highlights:
hashrate
"On April 16th, Bitfarms announced the start of a ‘miner rehabilitation program’ for 80 PH/s of older
and mid-generation Bitcoin mining machines. Bitfarms is pleased to announce that over half of
those machines have now been repaired, restoring over 40 PH/s and increasing Bitfarms’ installed
operating hashrate to 1.38 EH/s — the largest currently reported in North America by a public
company".
1.38 EH/s!!! THAT IS INSANE! puts Bitfarms comfortably in the lead for ALL of North America, the speed at which BITF scales its operations is truly unprecedented.
The market must agree based on the huge gains seen today, even with the Bitcoin price down significantly.
mining equipment
"The purchase and financing of the first 1,465 machines through Foundry’s financing services
enabled Bitfarms to immediately increase its operating hashrate by 11% with only a 10% down
payment of approximately US$1 million. With current hardware prices being at record highs,
financing has become a crucial component for Bitfarms to grow its operating hashrate with
minimal cash outflows. With prevailing economics, Bitfarms expects to recover its initial deposit
in under a month, and this equipment is expected to generate positive cash flows for another 3 to 5 years.
Under similar terms, Bitfarms will obtain financing to purchase an additional 1,000 Whatsminer
M30S machines. These machines will produce 90 PH/s and are scheduled to be delivered in three shipments of 300-400 units in September, October and November. In addition, Foundry commits to providing Bitfarms with a US$10 million equipment financing credit facility in early 2022 to help finance the acquisition of new machines."
with the chip shortage, BITF has secured a reliable supplier, and has built a relationship. Only having to pay 10% down is a great deal.
not to mention they will pay off the balance in under a month! incredible.
BITF is only going up from here, the resiliency it has shown during this Bitcoin bear market has put it above all the competition.
HIVE
now for the depressing news.. sigh.. HIVE
Once again HIVE has shown it does not have a solid enough operation to compete with the big boys, its very fragile and sees big losses whenever there is a bump in the road.
HIVE was the biggest loser today with not only the biggest % of losses, but also the lowest share price. HIVE has had the lowest share price for the last several months.
HIVE's ETH mining operation is outdated and about to go through the biggest hard fork to hit ETH yet.
And HIVE's Bitcoin mining operations are the lowest among all the miners, they are frantically trying to scale it. But they are late to the game, and can't secure the equipment or partners they need.
HIVE had 4.5 MILLION shares traded today, high volume and in the red indicates a significant sell-off, I expect this pattern to continue.
Some folks like to post fairy tales on the board about HIVE being a leader in the space, if you still believe that after the last 6 months, then I don't know what to tell you. Other than, you aren't living in reality.
I would once again urge all amateur HIVE investors to invest with their heads, take your losses on HIVE and invest what capital you have left into Bitfarms or HUT. Of course do you own due diligence to confirm my research.
Enjoy the weekend! I know I am going too! :):):):)
Sign Off:
"I don't suffer fools, and I like to see fools suffer"
-Florence King
*sips on $500 bottle of scotch*
*puffs cuban cigar*
-Bac0n
this is not financial advice, do your own due diligence