viewArgo Blockchain PLC

Argo Blockchain surges as second quarter mining beats expectations

The cryptoasset miner said a strong rise in Bitcoin prices had boosted yields from its hardware, while 2,500 new machines were expected to be in operation by the third quarter

Crypto mining
The price of Bitcoin has risen around 15% since the start of June

Argo Blockchain PLC (LON:ARB) shares surged higher on Tuesday after the performance of its crypto mining activities beat expectations for the second quarter.

In an update for June, the group said mining yields from its existing hardware had improved in line with the “strongly rising” Bitcoin price, and as a result it now expected to generate 161 Bitcoins, worth around £1.38mln and 101% higher than its mining results for May.

READ: Argo Blockchain increases capacity and cuts costs under new agreement with data centre provider

The company also said that, as of the end of June, it held around £3.07mln in cryptoassets, 7.7% higher than a previously revised estimate of £2.85mln, as a result of a “significant increase” in the prices of the assets as well as higher than anticipated production levels.

Meanwhile, Argo said the installation of new mining gear at its facility in Quebec was continuing ahead of schedule, with another 2,500 mining machines to be delivered and in production by the end of the third quarter which was expected to increase mining revenues “considerably”.

Mike Edwards, executive chairman of Argo, said the better-than-expected performance reflected not only “improving industry conditions” but also the company’s strategy which had enabled it to “rapidly ramp up operations” and take advantage of the upswing in crypto prices.

“We enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency", Edwards added.  

In early trading on Tuesday, Argo’s shares were up 4.6% at 8p.

Quick facts: Argo Blockchain PLC

Price: 5.86111 GBX

Market: LSE
Market Cap: £17.22 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Argo Blockchain PLC named herein, including the promotion by the Company of Argo Blockchain PLC in any Content on the Site, the Company...



Argo Blockchain's Bixby details partnership with leading crypto-miner HIVE

Argo Blockchain PLC's (LON:ARB) chairman Jonathan Bixby discusses a share swap deal that's been struck with a headline value of £5.1mln with a company called HIVE Blockchain. HIVE is a business-to-business mining service provider aimed at large-scale enterprise and institutional...

on 13/5/19

2 min read