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Wednesday, November 9, 2022
MARA's Unrestricted Cash and The Next CORZ?
- Unrestricted bitcoin holdings were approximately 3,464 BTC with a fair market value of approximately $71.0 million
- Unrestricted cash on hand was approximately $52.1 million at October 31, 2022
They had $89M in unrestricted cash at the end of June 2022. In four months it is now $52M. Energy and hosting costs were $13.7M, but this includes low-cost power contracts from Compute North prior to their bankruptcy. GS&A were 12.3M. Interest expense was 3.7M. These are all cash charges.
Their 10-Q is due now on 11/4, so you can't see the total outstanding shares versus authorized shares. Their authorized share increase vote failed to pass.
At the time of this post, the 3464 in unrestricted bitcoin has a current value of $54.8M.
Let's assume they can produce the same 615 bitcoin per month for the next three months and also assume the costs to run those rigs increases by 60%, since the last that I can tell Compute North was hosting between 200 MW to 300 MW in their 18-month deal announced in May 2021. That would be around the 7 EH/s that they are claiming.
They will generate $29M in revenue from bitcoin awards (at 15800) with expenses around 29.7M. How are they going to fund future miner deliveries and the coupon payment due in December on their 650M notes? They are running on a skeleton amount of cash.
They had 113M shares issued on 200M authorized at the end of June. Short-term debt as of 6/30 was $90M and long-term debt was $759M. They also sold $161M worth of stock in Q2.
Their notes that they brought to market in 2021 are convertible. As far as I know this means that they need to hold back some of the authorized shares in the event of conversion (unlikely) and not issue them.
Do they still have the $100M LOC on bitcoin? If so, does anyone know the terms and requirements for additional collateral? LINK: https://www.coindesk.com/markets/2021/01/25/crypto-miner-marathon-patent-group-buys-150m-in-bitcoin/
If they're still holding those coins then they have a liability that is 2X the FMV of those coins purchased (in banker's term, their LTV is 50%). If their LTV terms are around 75% then they're going to have to post additional bitcoin as collateral which they can't afford to provide unless they're tapping into the new LOC that was established at the end of 2021.
Their 10-Q is going to tell the story much better than I can but we have to wait since the Compute North bankruptcy provided the perfect cover to delay it until the 14th.
Bitcoin might be running through its issues but having over $200M in cash at the end of September and all of it unencumbered is a much better spot in my eyes than what MARA may be facing.
As I've said in the past: this crypto winter will have casualties. The belle of the ball might be one of them.
What's currently the best place to buy Bitcoin with debit/bank account and withdraw immediately?
I've been using Coinbase Pro, but don't like my corn sitting on the exchange, especially in light of recent events. I normally make a deposit that I let sit on Coinbase until I decide to trade, then transfer to my Ledger immediately. I just spent all the money I had on Coinbase and want to buy more Bitcoin, but I don't want to wait 5 days for my deposit to go through to withdraw. Any recommendations?
You haven’t lost a single coin or a single red cent
My friends… I stand before you today, a man with far less dollars in my portfolio than I had yesterday, a bit emotionally shaken over the recent events as fear attempts to cloud my judgment, and feeling a bit fooled, thinking the bottom had been already set…. I stand before you today with uncertainty! Uncertainty how deep this will go…? how many more dollars will my portfolio shrink to, before the bull returns…? Uncertain of where I will come up with more fiat to buy this dip, as I had already exhausted my fiat buying the previous dip and the dip before that…!! Uncertain of what the market will bring tomorrow or the day after, or just how long and cold this winter will become and just how many of us will bend and break to it, before it thaws and the warmth of spring returns…. Yes friends, like you, I am full of uncertainty….
But what I am NOT uncertain about.. is my personal resolve!! My personal conviction!! My personal commitment!!! My personal belief in THIS MOVEMENT!!! THIS TECH!!! And YES!! That this Motherfuckn coin will make me rich!!! AND I AM CERTAIN THAT I AM NOT SELLING!!! AND I AM CERTAIN, THAT ALTHOUGH MY DOLLARS MAY HAVE SHRUNKEN IMMENSELY IN THE LAST 24 HOURS; I HAVE NOT LOST A SINGLE GOD LOVING COIN OUT OF MY BAGS!!!! So today… I STAND BEFORE YOU BROTHERS and SISTERS, A MAN AS WEALTHY TODAY AS I WAS YESTERDAY!!! BECAUSE I HAVE NOT FORGOTTEN!!!! ONE BITCOIN = ONE BITCOIN!!!
Binance Pulls Out OF FTX Deal, Bitcoin Crashes Below $16,000
https://www.newsbtc.com/wp-content/uploads/2022/11/Binance-BNB-BNBUSDT-Bitcoin-860x376.png
Crypto exchange Binance is officially out of the FTX agreement. According to an official statement, the company won’t purchase its competitor.
Via its official Twitter handle, Binance claims that regulatory pressure and other factors impacted their decision. The report claimed that the company reviewed FTX’s books and decided to walk out of their non-binding agreement. The company said:
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of http://FTX.com.
Binance Walks Away, Crypto Industry In The Dark
Before the official announcement, there was much speculation about Binance pulling out of the deal because of potential legal consequences. The company claims it was trying to protect crypto investors.
Thousands of users report that their funds remain stuck on FTX. The crypto exchange halted new withdrawal requests yesterday due to a “liquidity crunch.”
Binance was allegedly trying to fill this hole by acquiring the company and to provide liquidity for the users. However, the situation went “beyond our control or ability to help,” the company claimed while adding:
Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.
As a result of today’s event, the crypto market has seen massive losses. The number one cryptocurrency by market capitalization, Bitcoin, is trading well below its 2020 all-time high. BTC’s price trades at $16,000 with 11% and 20% losses in the last 24 hours and the past week, respectively.
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT TradingviewBeyond the price action in large cryptocurrencies, which continues to record new lows for 2022, this week’s events negatively impact the crypto industry. In the U.S., regulators are already announcing investigations and denouncing the sector for “harming” investors.
Across the crypto community, the consensus points towards stricter regulations and darker days for the nascent asset class.
Don’t know what to say anymore.
Will just say things seem bleak right now and they are. Emotions are running high. Recovery seems impossible.
Just don’t do anything drastic people. It’s not worth it.
— Hsaka (@HsakaTrades) November 9, 2022