Argo Blockchain, Listed on London Stock Exchange, Looks to Save Its Stock Value with 1,000 New Miners
Argo Blockchain, a publicly listed company on the London Stock Exchange, has recently affirmed tnat it had expectations to break even after the current quarter, despite all the problems that it is facing.
The company has been currently struggling a lot in order to keep its stock prices from falling amidst a crisis but it has affirmed that they recently bought 1,000 new Bitmain Z11 miners in order to improve their mining resuts, which are not very good right now.
By offering subscriptions of mining services, Argo Blockchain has seen better days. The company was able to raise the total sum of $32.5 million USD via an Initial Public Offering (IPO), which was held in August last year. However, the value of its shares has lost some value since then and the company is making an effort to prevent it from going down even more.
Now that the company has a new set of units, its executives believe that it will be able to mine at least 400 Bitcoin soon, which would balance the winnings of the company in the second quarter. However, it should be noted that the mining costs of the company are very likely to go up because of this, so profits may be threatened if the price of BTC goes down again.
The executive chairman of Argo Blockchain, Jonathan Bixby, has affirmed that the company will break even using this new strategy, so there is no need for the investors to be worried. He added that they believe that the crypto market has long-term potential and that it can become a major asset clas with a good strategy behind it, which is why they keep on investing in it.
He has also affirmed that the company is considering to buy even 1,000 more Bitmain AntMiner S17s when they come into the market, which will help it to mine tokens more effectively.
The turmoil of the company is actually going for a while now. Last month, Frank Timis, a well-known investor, was revealed as the major shareholder of the company. After that, he decided to oust the executives then, but the company was able to deter him.