Argo Blockchain mines the crypto vein amid market boom

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  • Argo Blockchain unveils DeFi investment, updates on mining and infrastructure
  • Argo Blockchain can benefit from Chinese BItcoin crackdown suggests broker
  • Argo Blockchain report ‘best in class’ results with focus on ‘growing intelligently’ in 2021
Bitcoin mining

Quick facts: Argo Blockchain PLC

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Argo is a publicly-traded blockchain technology company focused on large-scale cryptocurrency mining.

Headquartered in London, England, Argo is the only cryptocurrency mining company listed on the London Stock Exchange.

Its energy-efficient, powerful mining operations are strategically located throughout North America.

03 Jun 2021

() unveiled an investment in a company specialising in decentralised finance (DeFi) as it updated investors on the status of its mining activities and infrastructure.

In an operational update for May, the cryptocurrency miner said it has invested GBP146,000 in WonderFi Technologies Inc, a firm focused on bringing DeFi technology to the masses, as part of a wider C$16.4mln (GBP9.6mln) fundraising. As part of the investment, Argo’s chief executive will also be appointed as an unpaid advisor to WonderFi.

Meanwhile, Argo said during the month it has mined 166 Bitcoin and Bitcoin Equivalent (BTC) compared to 163 BTC in April, bringing the total amount mined in the year to date to 716 BTC.

Based on current crypto prices and foreign exchange rates, the company reported revenue from BTC mining in May amounted to GBP5.5mln compared to GBP6.7mln in April, with an average monthly mining margin in May of around 82%. The company ended the month with holdings of 1,108 BTC.

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26 May 2021

Bitcoin managed to momentarily inch back above the US$40,000 level on Wednesday morning as the digital currency managed to recover almost all of its losses from its plunge over the weekend.

In late morning trading, Bitcoin was up 7.5% in the last 24 hours at US$39,736, giving it a market cap of around US$744bn.

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25 May 2021

Bitcoin prices were struggling to make headway early on Tuesday afternoon following a brief spurt overnight as sellers returned to the digital currency.

At the time of writing, the digital coin is down 2.2% in the last 24 hours at US$36,881, giving it a market cap of around US$690bn.

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03 Jun 2021

Uncertainty around Bitcoin mining in China might provide a boost to () according to broker finnCap.

Market estimates suggest over 50% of Bitcoin is mined in China, and the Chinese government’s May announcement that it will crackdown on mining the cryptocurrency could materially reduce mining difficulty and benefit Argo.

The company’s transformational new facility in Texas also highlights that it is making strong progress towards differentiating by mining with very low cost, renewable power, said the broker.

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29 Apr 2021

‘s () Peter Wall catches up with Proactive London’s Katie Pilbeam after swinging into profit in 2020 with a surge in revenues.

In its results for the year to December 31, 2020, the company reported a net profit of GBP1.7mln compared to a GBP0.7mln loss in 2019 as revenues jumped 120% to GBP19mln.

Speaking to Pilbeam, Wall says ‘the goals for us were to be leaner and smarter and we’ve now done both of those things and put ourselves in a great place for 2021’.

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