Bitcoin mining agency Argo Blockchain, at present listed on the London Inventory Change, is exploring a possible secondary itemizing on Nasdaq.
Saying the information on Tuesday, Argo said the timing or the phrases of the itemizing are but to be determined. Market and different circumstances would be the guiding elements, it mentioned.
The information comes as Argo is building out a mining facility in Texas, U.S., with an influence capability of 200 megawatts (MW). The agency at present has three mining amenities in Canada with a complete capability of 35 MW, the place it mines bitcoin and zcash, in response to its web site.
Based in 2017, Argo listed on the London Inventory Change in August 2018 and at present has a market capitalization of over $666 million, according to The Block’s Data Dashboard.
The corporate’s inventory, like most different crypto mining shares, has outperformed bitcoin, per the dashboard. Argo’s inventory is currently trading at round $175.
Argo additionally offered an operational replace for June, saying that it mined 167 bitcoin in the course of the month, price about $5.8 million at present costs.
The June manufacturing brings the agency’s complete quantity of bitcoin mined year-to-date to 883 (price practically $31 million). In all, Argo owns 1,268 bitcoin (price over $44 million) as of June.
Argo CEO Peter Wall mentioned June noticed huge adjustments within the crypto sector — a decline in complete world hash price and mining problem — as mining machines went offline in China.
The Bitcoin community noticed a 28% decline in mining difficulty, witnessing the largest drop in hash price for the reason that community went dwell in 2009. This got here because the mining problem adjusted to the massive drop in hash rate from 160 exahashes per second (EH/s) to 90 EH/s in a month.
“Argo has capitalized on these adjustments, persevering with to ship robust income at a formidable margin,” mentioned Wall.
Argo generated mining income of over $6 million in June in comparison with over $7.6 million in Might. The agency’s common month-to-month mining margin was round 78% throughout June in comparison with 82% in Might.
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