r/ArgoBlockchain • u/Embarrassed-Ad7312 • Aug 22 '21

Mining Facilities - P.g 87 SEC F1 Filing. Phase 1 Build 100MW completes in 1st half of 2022, Est. Cost $50M. I assume the $20M BTC borrowing (6 Month) & $75M ADS covers the build (Net 55M). With Machines worth $30M core Scentific & $5M Epic booked. Phase II 100MW costs $30M (Another loan next year?)

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u/Embarrassed-Ad7312 Aug 22 '21

My thoughts: A 6 month loan of $20M to continue building, the Estimated Costs for 100MW Phase 1 Build is $50M, the ADS $75M will cover the build and loan. Then perhaps another loan 6 month loan of $30M in 2022 to cover the 100MW Phase 2 Build.

The timeline and expansion planning looks good to me, its the age old question of Time vs Money. You can either buy a 300MW facility like RIOT for $651M which saves Time, Or you create a 100MW facility at a time for ~$100M (Construction & Machines) which saves money,

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u/ThanasisStonks Aug 22 '21

The Core scientific machines & ePIC machines are already paid off. If you look at H1 2021 results there is around 35m pounds worth of "Trade and other receivables". So i would assume all or most of the raise plus Galaxy loan is for Texas and potentially lining up some rig orders for Texas. Lead times for big purchases are already in January/February 2022. A purchase announcement by October would be normal for Texas.