Argo Blockchain is a cryptocurrency mining firm. This blockchain technology company has set its heart on getting a secondary listing on Nasdaq. It was already the first one to appear on the London Stock Exchange Listings. When Argo announced this, it also revealed why it wants a secondary listing on Nasdaq. According to its statement on Twitter, this is a preplanned strategy for the company’s operational upgrades for June 2021. Moreover, it mentioned that it has not yet arrived at a final decision for the right time of the listing. The company is unclear of the fact that when the listing will be implemented.
Also, later it talked about how the market and several other factors affect the proposals on the listings. This is why it is not yet finalized if the listing is ready or not.
Argo Blockchain’s Cryptocurrency Mining Performance
While talking about its next step, Argo blockchain also disclosed that the firm undertook the mining of 167 bitcoin. The mined bitcoin has revenue of £4.4 million which is almost equivalent to $6 million. Currently, the company’s profit rate stands at 78%.
Argo Blockchain has now total mining revenue of about 883 BTC. Further, this company is planning now to hold 1,286 BTC or the equivalent when the month ends. The CEO of Argo Blockchain, Peter Wall, attributes the downplay in this industry to huge changes in June. According to him, there is a considerable amount of decrease in the total hash rate internationally and mining challenges. Additionally, China’s recent crackdown on crypto mining also contributed a great deal to the downplay of the industry. This sudden change of events threw a lot of mining companies and the whole crypto industry into chaos.
Some of the mining companies just packed up and moved out of the country to set up their business somewhere else. Others simply sold their hydroelectric plants just so that they can travel abroad. This not only harmed the prices of all the digital assets but also ruined the lives of some people. The most affected cryptocurrency was Bitcoin as its price drastically dropped.
However, Peter Wall concluded that even after all this, Argo strived through them. Result? The company managed to maintain an unstoppable delivery of strong revenue that crossed an impressive margin. The company set a huge milestone in the year 2018 as the first crypto-mining company ever to get listed on the London Stock Exchange. It placed more than 159 million ordinary shares at $0.22 per share. Data showed that at the time of its listing, the stock surged and reached the highest value of over £2.80 which is $3.90 as in February.