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Argo Blockchain Shares Rallied 20.7% on May Operations Update

Simon Mugo trader
Updated 21 Jun 2023

The Argo Blockchain PLC (LON: ARB) share price rallied 20.7% after releasing its May operational update, where it mined 173 Bitcoin or Bitcoin Equivalents (BTC), equating to 5.6 BTC daily, marking a 16% increase to the BTC mined in April 2023.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Investors cheered the news, demonstrating that Argo is getting better at mining more Bitcoin despite the monthly increasing mining difficulty. The increase in BTC production was driven by increased uptime and operational efficiency across the Company's mining fleet and higher transaction fees on the Bitcoin network.

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Argo Blockchain generated $4.75 million in mining revenues, marking a 14% increase over the previous month of April 2023, where it generated $4.17 million in revenues. The company held 50 BTC as of 31 May 2023, marking a significant decline from the 83 BTC it held at the end of April. 

The company acknowledged selling certain digital assets during May and plans to use the proceeds to pay off some of its debts. The company noted that its total hash rate remained stable at 2.5 EH/s.

However, the Bitcoin miner plans to add BlockMiner machines at its Quebec facilities later this year, which is expected to increase its total hashrate capacity by 12% to approximately 2.8 EH/s.

Seif El-Bakly, Argo's Interim CEO, said: “I’m pleased by the significant increase in the Company's BTC production during the month of May. This is a testament to the hard work of our mining operations team to optimise performance across our fleet.  Over the long term, I believe increased Bitcoin network activity has the potential to drive demand for blockspace and increase miner fees.”

The company also issued a notice about its Annual General Meeting (AGM), which will be held on 30 June 2023 starting at 3:00 PM at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG.

*This is not investment advice. 

Argo Blockchain share price. 

The Argo Blockchain share price rallied 20.7% to trade at 8.751p, from Tuesday’s closing price of 7.250p.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


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