Friday, July 30, 2021

Argo Blockchain is exploring a potential secondary listing on Nasdaq.

The Takeaway:

Bitcoin mining firm Argo Blockchain, currently listed on the London Stock Exchange, is exploring a potential secondary listing on Nasdaq.

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The bitcoin mining firm Argo Blockchain is currently exploring a potential secondary listing on Nasdaq. The mining is listed on the London Stok Exchange. Announcing the news on Tuesday, the firm said the timing or the terms of the listing are yet to be decided. Market and other conditions will be the guiding factors, it added. The news comes Agro is building a mining facility in Texas, US, with a power capacity of 200 megawatts (MW). 

 

Argo was listed on the London Stock Exchange in August 2018. 

Founded in 2017, Argo listed on the London Stock Exchange in August 2018 and currently has a market capitalization of over $666 million. Like most other crypto mining stocks, the bitcoin mining firm’s stock has outperformed bitcoin, per the dashboard. Argo’s stock is currently trading at around $175. Argo also provided an operational update for June, saying that it mined 167 bitcoin during the month, worth about $5.8 million at current prices. The June production brings Agro’s total amount of bitcoin mined year-to-date to 883, worth nearly $31 million.

 

The Bitcoin network saw a 28% decline in mining difficulty. 

Argo CEO Peter Wall said that the crypto sector witnessed big changes in the month of June — a decline in total global hash rate and mining difficulty — as mining machines went offline in China. The Bitcoin network also saw a 28% decline in mining difficulty, witnessing the biggest drop in hash rate since the network went live in 2009. This came as the mining difficulty adjusted to the massive drop in hash rate from 160 exahashes per second (EH/s) to 90 EH/s in a month. The changes also saw Argo generating a mining revenue of over $6 million in June compared to over $7.6 million in May. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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