Argo Blockchain Mining firm awaits a secondary listing on Nasdaq as it was the first to have already appeared on the London Stock Exchange listings so let’s read more in our latest cryptocurrency news today.
Argo Blockchain that concentrates on crypto mining desired a secondary listing on Nasdaq so while announcing the first listing, it revealed an intention to get a secondary listing on Nasdaq. According to the statement, this new desire is a part of the new strategy and operational upgrade in June 2021 as the Argo Blockchain mining firm mentioned that it has not yet arrived at any decision for the timing of the listing. It said that it’s not yet clear when the listing will be implemented. Furthermore, it disclosed that the market and other conditions influence proposals on listings so there’s no clear assurance if the listing is ready. In a move for its upgrade, Argo Blockchain revealed the company undertook the mining of 167 BTC. The BTC that was mined boasts revenue of $6 million and the mining profit rate for the tech company runs at 78%.
Operational & Strategic Updates for June 2021
— Argo (@ArgoBlockchain) July 6, 2021
From the information revealed, Argo blockchain has a total mining revenue of about 883 BTC year-to-date so the tech company planned to hold 1,286 BTC or its equivalent as the month ends. Peter Wall who is the CEO of Argo Blockchain attributed the downplay in the crypto industry to major changes in June. According to Wall, there is a huge decrease in the total hash rate globally and mining challenges and also, China’s crackdown on mining contributed to the downplay in the industry.
China’s crackdown on miners threw a few mining companies and the entire crypto industry into chaos. Some of the mining companies were seen packing up and moved out of the country but others sold their hydroelectric plans to travel abroad. The entire activity harmed the price of assets and we saw BTC getting hit the most as it decreased drastically. Wall concluded that amid these happenings, Argo Blockchain still strived through. As a result, the company maintained the delivery of strong revenue which crossed huge margins. Argo Blockchain set a milestone in 2018 as the first mining firm to be listed on the London Stock Exchange as it placed more than 159 million shares at 16 British Pence per share.
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