BTBT hitting long term slowpoke uptrend. Best miner to me
BTBT recently had to move a large chunk of it's mining operation from china to the us (which is now complete). This cut into mining revenue last quarter. Given the increases in bitcoin recently and apparent support at this longer term uptrend line (thick green gently upward slope), it seems there is a good case for further upside here. Given that 25% of this float is short, this is the cheapest of all miners and is actually profitable, it seems the path of least resistance should be upward.
I have large call positions scattered through this month and next.
I have large call positions scattered through this month and next.
Comment:
on the failed bear flag breakdown on friday, i added some calls here again, just the feb18 3.5 calls. i stil like this name the most but let's see if the recent btc bump gives this some extra love. i still believe it is the best of all bitcoin miners out there.
Comment:
noting that my position has grown now to 30k shares, 250 apr 2.5 calls, 500 apr 5 calls.
only bad thing I see here is the 500m shelf offering. everything else to me says this is going higher. 40% of the mining capacity is powered, but 100% is here in the us (out of china). as they are entering contracts for power for these devices, you've got to expect the mining profits to increase. note the P/E for this deal, even today, is less than 10, and it has 70m cash+btc. 30% of float is short (maybe ahead in part of shelf offering?). short of fraud and bitcoin crashing, there are so many good things here - probably the best looking tech/bitcoin issue out there.
only bad thing I see here is the 500m shelf offering. everything else to me says this is going higher. 40% of the mining capacity is powered, but 100% is here in the us (out of china). as they are entering contracts for power for these devices, you've got to expect the mining profits to increase. note the P/E for this deal, even today, is less than 10, and it has 70m cash+btc. 30% of float is short (maybe ahead in part of shelf offering?). short of fraud and bitcoin crashing, there are so many good things here - probably the best looking tech/bitcoin issue out there.
