Argo Blockchain, a cryptocurrency firm that is listed on the London Stock Exchange, released an operational update for investors on Wednesday.
In an effort to further fill the company coffers, Argo said that it has purchased an additional 1,000 mining units from Bitmain – a Chinese company that produces hardware for crypto mining operations.
In its statement, Argo noted that, since it decided to purchase the 1,000 units, the price of bitcoin has increased by 15 percent. Thus, prior estimations as to the profitability of those new mining machines are likely to be low.
The mining company says that it expects to have BTC 400 on its balance sheet by the end of this quarter. If that does happen, and prices remain the same, that would mean an additional $2.36 million in revenues for the firm.
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If that does happen, the crypto outfit says that it will be able to break even for the second quarter of this year.
That will be welcome news to shareholders in the company. Since listing on the LSE in August of last year, Argo has seen its stock value decline by over 75 percent, with shares currently trading at £3.35 a piece.
Despite that drop and the crash, in November of last year, in the cryptocurrency markets, the firm said it remains committed to its focus on the digital assets market.
“Argo expects to turn EBITDA break-even in the second half of this year,” said company chairman Jonathan Bixby.
“We strongly believe that the cryptocurrency market has considerable long-term potential to become a major asset class and that the correct strategy is to continue to invest in mining infrastructure at current prices.”