new-recommended-broker-banner new-recommended-broker-banner
Practice Stock Trading Your capital is at risk

Argo Blockchain Shares Fall As Bitcoin Takes a Tesla Inspired Tumble

Updated: 13 May 2021

Shares of Argo Blockchain (LON: ARB) have fallen on Thursday, with investors reacting to bitcoin's price plummeting.

Bitcoin plunged yesterday after Tesla CEO Elon Musk tweeted a statement that the electric vehicle company would no longer be accepting bitcoin as payment for vehicles over concerns of its environmental impact.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” the statement read.

Bitcoin reacted by falling to a low of $46,000 following the tweet. It is currently sitting at $50,600.

Argo Blockchain's share price followed suit at the open today, dropping to 115p before regaining some of those losses where it is now trading at 129.6p, down 10.58% on the day.

Elsewhere, the cryptocurrency mining firm announced it has completed the acquisition of the two data centres in Quebec, Canada.

The data centres have a combined 20MW of power capacity and currently house a significant proportion of Argo's cryptocurrency mining equipment.

The data centres are powered almost entirely by electricity generated from hydropower, which is part of the company's green mining target mission.

Peter Wall, Chief Executive of Argo, said: “Argo's purchase of data centres in Canada represents another milestone for the Company as we seek to take greater control over our mining production and mining cost base, while also laying solid foundations for long-term growth.”

Should You Invest in Argo Blockchain Shares?

One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .