Crypto Mining Firm Argo Blockchain Boosts Its Hashrate, Resulting in Company Stock Price Rise
Argo Blockchain, a company focused on Bitcoin mining, has recently increased its hashrate. The company has been reported to have expanded its mining capabilities a lot lately. The reason for that is that the company got a lot of money because the price of its stocks went up.
According to Google Finance, the stocks of the company tripled in price since May and can be bought at the London Stock Exchange for $12 USD at the time of this report.
With the new money flowing in, the managers decided that it was the time to reinvest and started to buy more mining rigs. Right now, the company is reported to have over seven thousand machines working and mining Bitcoin (BTC). There are also reports that the company has ordered more mining rigs, so the number may go up even more soon.
The profitability of the company is also set to jump because of a new deal made by its managers. Argo Blockchain has recently signed a deal to increase its electricity supply by 357%. This way, the company could buy more 15,000 miners and it would triple its hashrate. This, if it becomes a reality, could turn Argo Blockchain into the largest publicly listed miner of the whole world.
Mike Edwards, the chairman of the firm, affirmed that the operation will triple the capacity in the next six months and that non-mining costs will all continue to be small, so the profit will certainly be huge. Last month, the company was able to mine 163 BTC, which amounts to around $1.6 million USD.