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Argo Blockchain Shares Rallied 12% After the Formation of the Bitcoin Mining Council

Updated: 25 May 2021

Shares of Argo Blockchain PLC (LON: ARB) rallied 12% after the company announced that it had partnered with leading North American miners to form a Bitcoin Mining Council to promote energy transparency and improve sustainable mining practices.

Argo participated in a meeting organised by Michael Saylor and attended by Elon Musk on Sunday, where they discussed Environmental, Social, and Governance (ESG) issues related to Bitcoin mining.

The following companies attended the meeting: MicroStrategy, Galaxy Digital, Hut 8, Marathon, HIVE, Core Scientific, Blockcap and Riot Blockchain.

Argo Blockchain recently signed the Crypto Climate Accord with DMG Blockchain Solutions to promote the decarbonisation of the cryptocurrency sector.

The company is taking a leading role in promoting sustainable Bitcoin mining practices, which is a bold step given that Argo is one of the largest publicly listed Bitcoin miners.

Peter Wall, Argo Blockchain’s CEO, said: “Today is a good day for the planet. Sustainability has always been at the heart of Argo's mining operations, and the newly-formed Bitcoin Mining Council is the next logical step in fostering a sectoral shift towards renewable energy.”

Adding:

“I enjoyed speaking with Elon Musk about these issues this weekend and look forward to joining Michael Saylor and other leading North American miners in working to future-proof an industry that must collectively improve sustainable mining practices and take ESG concerns seriously.”

Today’s announcement elicited mixed reaction among crypto traders, investors and other stakeholders, with some seeing it as a move in the right direction and others warning that the Bitocin Mining Council could tamper with the cryptocurrency’s decentralised nature.

Others have opined that Bitcoin miners in western nations have taken this step to pre-empt government crackdowns such as the one currently ongoing in China.

Argo Blockchain share price.

IG chart of Argo Blockchain share price 25-05-2021

Argo Blockchain shares rallied 12% to trade at 135.51p, rising from Monday’s closing price of 121.00p.

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