Argo Blockchain mines the crypto vein amid market boom

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  • Argo Blockchain mulls secondary listing on Nasdaq
  • 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.

06 Jul 2021

() said it is exploring a potential secondary listing on the Nasdaq market, although it has yet to make any decisions regarding the timing or terms of such a listing.

The consideration accompanied an update for the crypto miner’s performance for June, in which it reported that it had mined 167 Bitcoin and Bitcoin Equivalent (BTC) over the month compared to 166 BTC in May, taking the total BTC mined in the year-to-date to 883.

Revenue from mining during the month amounted to GBP4.36mln compared to GBP5.51mln in May, while the average monthly mining margin for June stood at 78%.

“June has seen big changes in the cryptocurrency sector, with the reduction in total global hash rate and mining difficulty as mining machines have come offline in China. We’ve seen the global hash rate drop from over 150m TH/s to just 90m TH/s in the space of a month and mining difficulty adjusted to reflect this reduction. Argo has capitalised on these changes, continuing to deliver strong revenue at an impressive margin. We are also pleased to announce the exploration of a potential secondary listing on NASDAQ,” Argo chief executive Peter Wall said in a statement.

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29 Jun 2021

() said it secured a GBP14mln loan agreement for six months with LP using a portion of its Bitcoin holdings as collateral.

The crypto miner said the loan proceeds will be used to help fund the build out of its data centre in West Texas as well as meeting its operating cashflow requirements.

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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.

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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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