As per the latest reports, the shares of Argo Blockchain has surged higher considerably on Tuesday given the exceptional performance recorded at the company’s crypto mining front. In fact, the mining activities of the firm have beaten all the assumptions for the 2nd quarter. Argo Blockchain is a company based in the United Kingdom, providing enterprise-level crypto mining services.
The company stated that it was due to the surge in the prices of Bitcoin that their mining yields from the existing hardware improved as well for the month of June. It must be noted that Bitcoin prices have registered an increase of approximately 15 percent ever since the beginning of June. As a consequence, the group expected now to make 161 BTC that is worth about 1.38 million pounds and 101 percent higher than their May mining results.
Divulging further insights, the firm also stated that it held about 3.07 million pounds in crypto assets as of June end. The figure is higher 7.7 percent than 2.85 million pounds, its earlier revised estimate, thanks to the significant rise in crypto assets’ prices coupled with the greater mining production levels that exceeded far more than the predictions.
Argo also shared that the installation of the firm’s new mining equipment at Quebec facility was progressing ‘ahead of schedule.’ There will be 2,500 extra mining machines which would be delivered as well as in production till the time 3rd quarter ends. A move that’s anticipated to boost the mining revenues to a greater extent.
Argo’s Executive Chairman, Mike Edwards, stated that such improved performance beyond expectations reflected two things: one – enhanced industry conditions and second – the strategy of the firm which let it maximize its operations and gain the benefits from the ongoing price uptrend experienced by the crypto assets.
The Executive Chairman also added that they were entering the 3rd quarter with the strong momentum to provide additional growth and enhance mining efficiency.
At the time of writing, Argo Blockchain PLC’s share price was 8.15 GBX, up by 6.54%.