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Shares of Argo Blockchain PLC (LON: ARB) surged 37.5% after the cryptocurrency mining company announced that it had brought 1,295 Bitmain Antminer S19 and S19 pro machines on stream this week.

The machines were delivered ahead of schedule after the company placed an order in November 2020 and will add about 127 petahash to Argo Blockchain’s current mining capacity raising the firm’s total computing power to 772 petahash.

Argo plans to raise its installed mining power to 1,685 petahash or 1,68 exahash by the end of Q2 after the remaining 10,000 Bitmain Antminer S19 machines required to reach this capacity are delivered given that they are scheduled for delivery between February and June.

The cryptocurrency miner’s shares have rallied higher this year as the overall cryptocurrency market rallied higher as investor interest in the sector soared. However, Argo’s shares have pulled back in recent weeks after forming a parabolic shape, typically followed by a downtrend.

Peter Wall, Argo’s CEO, said: “We are very pleased that these machines have been delivered ahead of schedule. Our ongoing investment in new mining hardware puts us at the forefront of mining efficiency and ensures we continue to deliver strong performance and create long-term value for shareholders”.

The recent pullback in Argo’s share price presents a good opportunity for investors to establish a position in the cryptocurrency miner.*

*However, nothing is guaranteed in the markets, especially given the highly volatile nature of the cryptocurrency markets.

Argo Blockchain share price

Tradingview chart of Argo Blockchain share price 29-01-2021

Argo Blockchain shares rose 37.5% to trade at 99p, rising from Thursday’s closing price of 72p.

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