Argo Blockchain (ARB)

Sector:

IT Services

14.79p
   
  • Change Today:
    -0.81p
  • 52 Week High: 81.00
  • 52 Week Low: 2.50
  • Currency: UK Pounds
  • Shares Issued: 477.83m
  • Volume: 3,791,827
  • Market Cap: £70.65m
  • RiskGrade: 1,097

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Argo Blockchain expands crypto mining energy deal

By Josh White

Date: Thursday 27 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Enterprise-scale cryptocurrency mining service provider Argo Blockchain announced the variation and extension of a multi-year agreement with Canada-based data centre provider GPU.one on Thursday, increasing the company's access to clean power supplies to a total of 14 megawatts at "significantly reduced" prices.
The London-listed firm said the agreement built on its existing relationship with GPU.one, and replaced an existing three-year deal signed in August last year, at the time when Argo began its industrial-scale mining operations.

It said the new agreement covered a three-year period from 25 June, with an option to extend thereafter for an additional two years.

The deal would enable Argo to expand mining capacity by 47% to 14MW at its two existing data centres in Quebec, and reduce the mining costs payable by the company by 39% from the cost of its initial agreements for 9.5MW signed in August last year.

It would also reduce the contingent liability of the firm under the agreement, and granted Argo the right to terminate the agreement at any time, without cause, on four months' notice.

As part of the new agreement, Argo said it had agreed to convert a previously-paid deposit of £1.44m into a strategic investment in GPU.one.

"This deal strengthens our existing strong relationship with GPU.one and is part of our ambitious expansion to take advantage of the continuing industry upturn," said Argo Blockchain executive chairman Mike Edwards.

"The reduction of costs under this agreement, together with the new, more efficient hardware we have purchased means we are now one of the most efficient miners in the market.

"GPU.one provides the robust infrastructure in an established jurisdiction to support our long-term growth."

The board baid both data centres were fully operational, with the 14MW capacity to be filled by September with the previously-announced purchases of mining hardware.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Argo Blockchain Market Data

Currency UK Pounds
Share Price 14.79p
Change Today -0.81p
% Change -5.22 %
52 Week High 81.00
52 Week Low 2.50
Volume 3,791,827
Shares Issued 477.83m
Market Cap £70.65m
RiskGrade 1,097

Argo Blockchain Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
82.37% above the market average82.37% above the market average82.37% above the market average82.37% above the market average82.37% above the market average
87.50% above the sector average87.50% above the sector average87.50% above the sector average87.50% above the sector average87.50% above the sector average
Price Trend
96.56% below the market average96.56% below the market average96.56% below the market average96.56% below the market average96.56% below the market average
92.31% below the sector average92.31% below the sector average92.31% below the sector average92.31% below the sector average92.31% below the sector average
Income Not Available
Growth
95.61% above the market average95.61% above the market average95.61% above the market average95.61% above the market average95.61% above the market average
97.98% above the sector average97.98% above the sector average97.98% above the sector average97.98% above the sector average97.98% above the sector average

Argo Blockchain Dividends

No dividends found

Trades for 01-Feb-2023

Time Volume / Share Price
16:22 2,000 @ 14.87p
16:22 6,909 @ 14.56p
16:19 13,684 @ 14.66p
16:19 2,209 @ 14.66p
16:12 80 @ 14.90p

Argo Blockchain Key Personnel

CEO Peter Wall

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