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Argo Blockchain Shares Rallied 4.25% on Q3 Results, Surging Bitcoin Prices

Simon Mugo trader
Updated 2 Nov 2021

Argo Blockchain PLC (LON: ARB) share price rallied 4.25% after its Q3 earnings beat analysts’ expectations on surging bitcoin prices.

The bitcoin mining company generated revenues worth $26 million after mining 597 Bitcoins during the third quarter.

The cryptocurrency miner generated a net income of $17.3 million, marking a new record for the company, and generated pretax earnings of $28.2 million.

Argo Blockchain held 1,836 Bitcoins at the end of September, worth approximately $113.16 million at current prices.

The bitcoin miner is on a growth trajectory, having signed a contract to buy 20,000 new Bitcoin mining machines for its new facility being constructed in Texas.

The company expects the new Bitcoin mining machines to be delivered in H2 2022.

Argo Blockchain has announced its intention to become a sustainable crypto miner by using electricity generated from renewable energy sources. Its Texas facility is set to be fully sustainable, a significant milestone for the company once operational.

The firm is eagerly waiting to deliver its new Bitcoin mining machines, which will raise its mining capacity as measured by its computing power as measured by its hash rate, which is set to rise from 1.075 exahash at the end of September to 3.7 exahash.

Argo also reminded investors that its ADRs started trading on the Nasdaq, allowing it to tap into the much larger American investor base and access a larger pool of funds than what is available on London’s AIM market.

Argo Blockchain shares are trading below the crucial 140p resistance zone and do not present an excellent buy at current prices from a technical perspective.

However, I would be interested in buying the company’s shares once they break above the 140p level or fall to the 110p level, which has recently acted as support.

*This is not investment advice. Always do your due diligence before making investment decisions.

Argo blockchain share price.

IG chart of Argo Blockchain share price 02-11-2021

Argo Blockchain share price rallied 4.25% to trade at 135.01p, rising from Monday’s closing price of 129.50p.

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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