Argo Blockchain (ARB)

Sector:

IT Services

15.81p
   
  • Change Today:
    -0.57p
  • 52 Week High: 81.00
  • 52 Week Low: 2.50
  • Currency: UK Pounds
  • Shares Issued: 477.83m
  • Volume: 1,415,903
  • Market Cap: £75.53m
  • RiskGrade: 1,097

Investment in hardware boosts Argo Blockchain in third quarter

By Josh White

Date: Tuesday 08 Oct 2019

LONDON (ShareCast) - (Sharecast News) - Enterprise-scale cryptocurrency mining services provider Argo Blockchain updated the market on its operations in the third quarter ended 30 September on Tuesday, reporting revenues of £3.63m from its cryptocurrency mining operations in the period, which was a 75% increase over the second quarter.
The London-listed firm said the assets were mined at a mining margin of around 73%, which it believed to be "one of the highest" efficiency rates in the market.

It said the margin was achieved despite a rise in mining difficulty and network hash rates, as well as a recent softening in the price of Bitcoin.

Argo said it "continuing excellent mining efficiency" was a function of several factors, including highly competitive prices at which it procured clean electricity under long-term contracts, a low operating cost base, its expertise in configuring and running its hardware infrastructure in a way that optimised returns from mining, maintaining up-to-date and dedicated data centres, and its team of experts in the crypto industry making timely hardware decisions.

The total number of machines in production stood at 6,000, with the company said to be on track to install approximately 6,000 more machines, currently on order, before the end of the year.

"We are delighted with the mining results in the third quarter which, together with strong cash management, have helped us to maintain a robust balance sheet," said Argo Blockchain executive chairman Mike Edwards.

"Our investment in the most advanced mining hardware on the market continues to provide us with a competitive edge even as mining conditions become more challenging."

Edwards noted that during the third quarter, the company adopted a policy to exchange its mined Bitcoins into fiat currency on a regular basis, to avoid additional exposure to Bitcoin pricing.

"We remain focussed on our revenue and bottom line, while executing our growth strategy to become the world's largest publicly listed miner next year."

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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 15.81p
Change Today -0.57p
% Change -3.46 %
52 Week High 81.00
52 Week Low 2.50
Volume 1,415,903
Shares Issued 477.83m
Market Cap £75.53m
RiskGrade 1,097

Argo Blockchain Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
81.87% above the market average81.87% above the market average81.87% above the market average81.87% above the market average81.87% above the market average
87.37% above the sector average87.37% above the sector average87.37% above the sector average87.37% above the sector average87.37% above the sector average
Price Trend
95.92% below the market average95.92% below the market average95.92% below the market average95.92% below the market average95.92% below the market average
92.23% below the sector average92.23% below the sector average92.23% below the sector average92.23% below the sector average92.23% below the sector average
Income Not Available
Growth
95.48% above the market average95.48% above the market average95.48% above the market average95.48% above the market average95.48% above the market average
97.96% above the sector average97.96% above the sector average97.96% above the sector average97.96% above the sector average97.96% above the sector average

Argo Blockchain Dividends

No dividends found

Trades for 03-Feb-2023

Time Volume / Share Price
10:29 30,629 @ 15.58p
10:26 44 @ 15.80p
10:20 287 @ 15.80p
10:18 10,662 @ 15.58p
10:17 480 @ 15.86p

Argo Blockchain Key Personnel

CEO Peter Wall

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