Argo Blockchain Shares Dim at February Update – Here’s Why
The share price of Argo Blockchain PLC (LON:ARB) traded sideways after the February operating update was released. The company mined 162 Bitcoin or Bitcoin Equivalents (BTC), translating to 5.7 Bitcoin daily. The results represent a 7% improvement on January’s 5.4 BTC daily mining rate.
YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The Bitcoin mining company noted that it had increased mining output despite a 10% increase in average mining difficulty during the same month. The company revealed that it had 101 BTC at the end of February, and the hash rate remained stable at 2.5 EH/s.
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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY
Argo Blockchain’s mining revenue for February was $3.76m (£3.09m) based on exchange rates and cryptocurrency prices. Revenue was up slightly from the $3.42m (£2.80m) generated in January.
The Bitcoin mining company went through a difficult patch last year after crypto prices crashed, forcing it to finally sell most of its Bitcoin holdings at much lower prices than if they had sold earlier when the cryptocurrency market was booming.
Argo Blockhian also recently lost its CEO, who stepped down to pursue other opportunities signaling the end of an ear. The company can benefit significantly from rising crypto and Bitcoin prices. However, Bitcoin prices have yet to make a definitive move higher by breaking above the crucial $25,000 resistance level, which could indicate the beginning of a new uptrend.
Argo’s interim CEO, Seif El-Bakly, said: “I am proud of the team for increasing our average daily Bitcoin production despite the increase in average network difficulty in February compared to January. This is a testament to the hard work put in by our technology and operations teams. We continue to focus on strengthening our internal business processes and strive for operational excellence.”
Meanwhile, the actions taken by Argo Blockchain recently, including the sale of its flagship Helios mining facility in Dickens County, Texas, should dampen the firm for now. Still, the real reprieve can only come from higher Bitcoin prices.
*This is not investment advice.
Argo Blockchain share price.
The Argo Blockchain share price traded sideways after releasing its operations update in February.
YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.
