Shares of Argo Blockchain PLC (LON: ARB) surged after the crypto miner reported that it mined 225 Bitcoin (BTC) in July compared to the 167 BTC mined in June.
The crypto mining company reported a jump in its margin to 83% versus the 78% margin recorded in June. It attributed most of its success to the decline in the global hash rate and lower mining difficulty during the month.
Argo generated £5.60 million in revenues during the month compared to £4.36 million generated in June. The company held 1,496 Bitcoin or its equivalent at the end of July.
The crypto mining firm also noted that it had broken ground on its Texas mining facility, a 200-megawatt cryptocurrency mining facility in Dickens County, Texas.
Argo commented that the solar-powered facility would help make its mining operations more sustainable, given that it will be powered entirely by renewable energy.
The Texas mining facility is a smart move by the company, given the scrutiny that the cryptocurrency mining sector has come under recently regarding the environmental impact of their operations.
The company's other significant milestones in July include filing its dual-listing application to offer its depository shares in the US. The application is currently being reviewed by the US Securities and Exchange Commission (SEC).
Argo Blockchain recently appointed its CEO Peter Wall as interim chairman, pending a suitable candidate for the position.
Peter Wall, Argo Blockchain’s CEO, said: “I'm delighted that we have been able to capitalise on the reduction in global hash rate and mining difficulty this month to deliver these results at an impressive margin.”
Argo shares fell at the open but had recouped some of their losses at the time of writing. The firm’s shares are trading below a critical resistance level and have been moving sideways over the past few days.
I would be interested in buying on a break above the resistance level or a drop to the 84p support level shown on the chart.
*This is not investment advice. Always do your due diligence before making investment decisions.
Argo Blockchain share price.
Argo Blockchain shares fell 5.15% to trade at 128.99p, falling from Monday’s closing price of 136p.
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