Home Financial Markets Penny Stocks Let's see what Argo Blockchain (OTC: ARBKF) is doing right now

Let’s see what Argo Blockchain (OTC: ARBKF) is doing right now

At the close of yesterday’s trading, shares of Argo Blockchain (OTC: ARBKF) increased 44.30% to $2.32. Compared to its average 30-day volume of 7,287,252, the volume of the Company was 12,838,529.

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Company’s Profile


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Argo Blockchain plc has one of the largest and most efficient cryptocurrency mining operations globally, built upon one of the best-rated clean energy sources.

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Most recent Corporate Highlights

February 10, 2021, Argo Blockchain (OTC: ARBKF) has announced that it has entered into an MOU with New York-based DPN LLC to acquire 320 acres of land in West Texas with access to 800MW of electrical power, where the Company hopes to build a 200MW bitcoin mining facility in the next 12 months.

As soon as the project is completed, it will provide Argo with some of the world’s lowest electric rates, utilizing a lot of renewable energy sources.

Upon completion of the acquisition, a total consideration of $17.5 million will be paid by issuing new ordinary shares of Argo to DPN LLC. DPN LLC will receive $5 million worth of new ordinary shares upon completing the definitive agreement. Upon completion of milestones related to the project, the remaining $12.5 million will be made.

February 04, 2021, Argo Blockchain (OTC: ARBKF) revealed its most significant month of revenue and profit rate, along with a step that will allow the Company to diversify into broader decentralized finance (DeFi), with a 25% stake in Pluto Digital Assets PLC.

The Company acquired 93 Bitcoin or Bitcoin Equivalent, worth £2.48 million, based on daily foreign exchange rates and cryptocurrency prices. Mining income for Argo is generated at an average rate of 71% every month. Bitcoin and its equivalents were worth 501 BTC at the end of the month. As part of its asset management strategy, the Company purchased 172.5 bitcoins in the second half of January. At present, Argo’s total mining capacity is 787 petahash (SHA-256), in addition to 280 Megasoils of equihash capacity.

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Finally,

The cryptocurrency mining market is expected to grow in both hardware and software, making cryptocurrency mining stocks worthwhile to consider. Nevertheless, being an investor in cryptocurrency is risky. However, all investments involve some degree of risk.

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