Bitcoin mining firm Argo Blockchain explores secondary listing on Nasdaq

Bitcoin mining firm Argo Blockchain, at present listed on the London Stock Exchange, is exploring a possible secondary listing on Nasdaq.

Announcing the information on Tuesday, Argo said the timing or the phrases of the listing are but to be determined. Market and different circumstances would be the guiding elements, it stated.

The information comes as Argo is constructing out a mining facility in Texas, U.S., with an influence capability of 200 megawatts (MW). The firm at present has three mining services in Canada with a complete capability of 35 MW, the place it mines bitcoin and zcash, based on its web site.

Founded in 2017, Argo listed on the London Stock Exchange in August 2018 and at present has a market capitalization of over $666 million, based on The Block’s Data Dashboard.

The firm’s inventory, like most different crypto mining shares, has outperformed bitcoin, per the dashboard. Argo’s inventory is currently trading at round $175.

Operational replace 

Argo additionally supplied an operational replace for June, saying that it mined 167 bitcoin through the month, value about $5.8 million at present costs.

The June manufacturing brings the firm’s whole quantity of bitcoin mined year-to-date to 883 (value almost $31 million). In all, Argo owns 1,268 bitcoin (value over $44 million) as of June.

Argo CEO Peter Wall stated June noticed massive adjustments within the crypto sector — a decline in whole world hash charge and mining issue — as mining machines went offline in China.

The Bitcoin community noticed a 28% decline in mining issue, witnessing the most important drop in hash charge for the reason that community went stay in 2009. This got here because the mining issue adjusted to the large drop in hash charge from 160 exahashes per second (EH/s) to 90 EH/s in a month.

“Argo has capitalized on these adjustments, persevering with to ship robust income at a powerful margin,” stated Wall.

Argo generated mining income of over $6 million in June in comparison with over $7.6 million in May. The firm’s common month-to-month mining margin was round 78% throughout June in comparison with 82% in May.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is supplied for informational functions solely. It shouldn’t be provided or meant for use as authorized, tax, funding, monetary, or different recommendation.

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