Argo Blockchain mines the crypto vein

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.

(, , ) has reported a sharp jump in the number of Bitcoin acquired in July amid a decline in the mining difficulty on the digital currency’s blockchain network.

In a monthly update, the crypto miner reported that it had mined 225 Bitcoin or equivalent (BTC) in July, up from 167 BTC in June, taking the total mined in the year-to-date to 1,108 BTC.

Revenue for the month, meanwhile, amounted to GBP5.6mln compared to GBP4.36mln in June, while the group’s average monthly mining margin increased to 83% from 78%.

At the end of July, Argo said it owned 1,496 BTC.

(, , ) issued an update on several board appointments and resignations.

The cryptocurrency miner said it appointed Colleen Sullivan, Maria Perrella, and Sarah Gow as independent non-executive directors (NEDs) and Alex Appleton as an executive director, effective from July 29.

(, , )’s new facility in Texas will allow the crypto miner to differentiate itself in the market through its access to “very low cost, renewable power”, according to analysts at finnCap.

In a note on Thursday, the house broker, which has a 220p target price on Argo, said the company’s energy source will “become increasingly important as global governments and investors scrutinise Bitcoin mining powered by non-renewables” while also predicting that the firm will “continue to benefit” from the recent crackdown on crypto mining in China.

Uncertainty around Bitcoin mining in China might provide a boost to () according to broker finnCap.

Market estimates suggest over 50% of Bitcoin is mined in China, and the Chinese government’s May announcement that it will crackdown on mining the cryptocurrency could materially reduce mining difficulty and benefit Argo.

The company’s transformational new facility in Texas also highlights that it is making strong progress towards differentiating by mining with very low cost, renewable power, said the broker.

‘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’.