The Argo Blockchain PLC (LON: ARB) share price edged slightly higher after the Bitcoin mining company released its operations update for March 2022.
According to the report, Argo mined 163 Bitcoin/Bitcoin Equivalent (BTC) in March, a significant improvement from the 135 BTC mined in February.
Investors cheered the news, but I expected a more significant rally than we got. However, the positive highlights did not stop there, as Argo revealed that it was close to completing the construction of its 200MW flagship Bitcoin mining facility in Dickens County, Texas.
Argo revealed that most of the world on the Helios plant had been completed, including installing crucial equipment such as air coolers, immersion pumps, power distribution units, transformers and pallet racks.
The company had also completed the installation of a fiber internet connection at the facility. Investors were happy about the developments, but their reaction could have been better.
The bitcoin miner said that the revenue from its mining operations was equivalent to £5.22 million ($6.92 million*) based on existing cryptocurrency prices and current foreign exchange rates.
Argo also announced the appointment of Seif El-Bakly as Chief Operating Officer. He has over 16 years of experience in the capital markets and trading industries. He previously worked at TMX Group, leading the firm’s strategy and business management.
Seif’s appointment as COO comes at a crucial time for Argo as it looks forward to starting mining operations at Helios later in Q2.
Peter Wall, Argo’s interim Chairman and CEO, said: “We are delighted to welcome Seif as our Chief Operating Officer. He will play a critical role in bolstering Argo’s senior leadership team and brings a wealth of experience in the trading and capital markets sectors to Argo. As we approach the opening of our Helios facility and significantly scale up our owned and operated mining operations, Seif will be integral in driving the operational performance of Argo.”
Argo’s share price is inextricably linked to Bitcoin’s price as a mining company. However, while Bitcoin prices are down 5.27% in 2022, ARB shares are lagging far behind since they have fallen 26.99% for the year. The same trend is replicated across most bitcoin mining stocks.
*This is not investment advice. Always do your due diligence before making investment decisions.
Argo Blockchain share price.
Argo Blockchain shares edged 8.18% to trade at 71.40p, rising from Thursday’s closing price of 66.00p.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading