Argo Blockchain mines the crypto vein amid market boom

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  • Argo Blockchain swings into profit as it crosses major inflexion point in 2020
  • Argo Blockchain’s renewable energy mining will differentiate it from the rest of the market, says broker
  • Argo Blockchain report ‘best in class’ results with focus on ‘growing intelligently’ in 2021
Bitcoin mining

LSE:ARB

Market: LSE
Market Cap: GBP740.62 m
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Argo is a publicly-traded blockchain technology company focused on large-scale cryptocurrency mining.

Headquartered in London, England, Argo is the only cryptocurrency mining company listed on the London Stock Exchange.

Its energy-efficient, powerful mining operations are strategically located throughout North America.

29 Apr 2021

() swung into profit in 2020 as the cryptocurrency miner said it had crossed “a major inflexion point” during the year amid a surge in revenues.

In its results for the year to December 31, 2020, the company reported a net profit of GBP1.7mln compared to a GBP0.7mln loss in 2019 as revenues jumped 120% to GBP19mln.

The number of Bitcoins mined during the year also increased 85% to 2,465 during the year, while Argo said it had ended the year with cash and digital assets worth GBP6.7mln compared to GBP1.2mln at the end of the prior year.

Margins, meanwhile, decreased to 41% from 60%, however, the company said it had reached this level despite “challenging market conditions” including the coronavirus pandemic and a Bitcoin halving in May last year, a process that increases the difficulty of crypto mining.

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21 Apr 2021

() said it signed a contract with Navier Inc, a specialist designer and builder of cryptocurrency mining facilities, to co-develop the company’s new facility in Helios, Texas.

The crypto-miner said under the agreement Navier will provide consulting services relating to the design and construction of the new facility, including the co-design of electrical infrastructure capable of supporting 200 megawatts of mining.

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07 Apr 2021

Cyclical stocks and passive funds made a comeback among investors in the past month, while small cap () continued to mix it with the blue chips.

Investors saw value in British Airways owner () and aero engine maker Rolls Royce Holdings PLC (), which were in the top three most popular shares on the major investment platforms, a trend that was also emerging with investors the previous month.

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29 Apr 2021

‘s () expansion of its Bitcoin mining operation with a new facility in Texas will enable it to differentiate itself in the market through “access to very low cost, renewable power”, according to analysts at its house broker finnCap.

In a note on Thursday, the broker said the Bitcoin mining firm’s results for 2020 had come in “slightly ahead” of their expectations, adding that based on a Bitcoin price of US$60,000 they expected the firm to generate GBP93mln of revenue in 2022 as well as invest around GBP180mln into its new Texas facility and new mining machines over the next two years.

finnCap added that Argo’s focus on renewable power will become “increasingly important as global governments and investors scrutinise Bitcoin mining powered by non-renewables”, adding that the company will also benefit from its increased scale by “achieving attractive pricing on new machines”.

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29 Apr 2021

‘s () Peter Wall catches up with Proactive London’s Katie Pilbeam after swinging into profit in 2020 with a surge in revenues.

In its results for the year to December 31, 2020, the company reported a net profit of GBP1.7mln compared to a GBP0.7mln loss in 2019 as revenues jumped 120% to GBP19mln.

Speaking to Pilbeam, Wall says ‘the goals for us were to be leaner and smarter and we’ve now done both of those things and put ourselves in a great place for 2021’.

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Argo Blockchain report ‘best in class’ results with focus on ‘growing…

Argo Blockchain PLC’s (LON:ARB) Peter Wall catches up with Proactive London’s Katie Pilbeam after swinging into profit in 2020 with a surge in revenues.

In its results for the year to December 31, 2020, the company reported a net profit of GBP1.7mln compared to a GBP0.7mln loss in 2019 as…

1 day, 12 hours ago

2 min read

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