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Argo Blockchain hails improved mining activity amid surge in bitcoin price

By BFN News | 10:01 AM | Tuesday 02 July, 2019

Argo Blockchain, a UK-based provider of enterprise-scale crypto mining services, said mining activities in June beat its expectations amid a surge in the price of bitcoin. As of 30 June 2019, and based on prevailing cryptoasset prices at $10,817.16, the company held the equivalent of approximately £3.07m in cryptoassets on its balance sheet, about £220,000 or 7.7% higher than the previously announced revised estimate of £2.85m. 'This is the result of both a significant increase in cryptoasset prices from 3 June 2019 and higher than anticipated production levels by the company's mining equipment,' the company said. Mining yields from existing hardware in operation had improved in line with a strongly rising Bitcoin price, which had increased by approximately 24% since the last operational update on 3 June 2019. The company said 2,500 additional mining machines would be delivered and in production by the end of the third quarter of 2019, which was expected to increase total mining revenues 'considerably.' At 10:01am: (LON:ARB) Argo Blockchain Plc Ord 0.1p share price was +0.35p at 8p Story provided by

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