Bitcoin Mining Company Argo Blockchain Explores Secondary Listing on Nasdaq

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

Breaking the news on Tuesday, Argo said the timeline or conditions for registration had yet to be decided. The market and other conditions will be the driving factors, he said.

The news comes as Argo is building a mining facility in Texas, USA with a capacity of 200 megawatts (MW). The company currently has three mining facilities in Canada with a total capacity of 35 MW, where it mines bitcoin and zcash, according to its website.

Founded in 2017, Argo was listed on the London Stock Exchange in August 2018 and currently has a market capitalization of over $ 666 million, according to The Block’s data dashboard.

The company’s shares, like most other crypto-mining stocks, outperformed bitcoin, according to the dashboard. Argo’s stock is currently trading at around $ 175.

Operational update

Argo also provided an operational update for June, claiming it mined 167 bitcoin during the month, worth around $ 5.8 million at current prices.

June’s production brings the company’s total bitcoin mined to date to 883 (worth nearly $ 31 million). In total, Argo has 1,268 bitcoins (worth over $ 44 million) as of June.

Argo CEO Peter Wall said June saw big changes in the crypto industry, a drop in the total global hash rate and mining difficulties as mining machines go offline. in China.

The Bitcoin network experienced a 28% drop in mining difficulty, testifying to the largest drop in hash rate since the network went live in 2009. This is due to the mining difficulty adjusting. to the massive drop in hash rate from 160 exahashs per second (EH / s) to 90 EH / s in one month.

“Argo has capitalized on these changes, continuing to generate strong revenues with an impressive margin,” Wall said.

Argo generated more than $ 6 million in mining revenues in June, up from over $ 7.6 million in May. The company’s average monthly mining margin was around 78% in June compared to 82% in May.

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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