Argo Blockchain temporarily halts trading on NASDAQ
TL;DR Breakdown
- Argo Blockchain is known for performing large-scale mining activities.
- In the recent mining session, 166 Bitcoin were mined.
- The revenue generated from mining fell down to $7.8 million.
Argo Blockchain revealed that in the last month, the company was able to mine 166 Bitcoin. The company is known in the crypto industry for mining Bitcoin for a long time and as of now, the total number of Bitcoins that the company holds currently is up to 1000.
Such a huge number of coins would make anyone jealous but the company has been involved in the mining of Bitcoin since the year 2017. The mining of Bitcoin is not easy. It used to be years ago but now, recent reports have shown that the mining of Bitcoin consumes a lot of electricity. Thus, Argo Blockchain is taking part in a lot of activities and signing up many new pacts for a clear mining practice.
Progress of Argo Blockchain
The organization has claimed that it has already passed the mining of over 1000 Bitcoin the past month and now, is looking to continue mining more. Although the achievement of this feat represents the efforts that the organization must have put, its revenues fell by $7.8 million. This number is quite huge and when compared to the month before showed that the company lost over 16 percent of revenue.
The reason behind this is the loss in value of Bitcoin. Bitcoin went down in value by a huge percentage falling down to $30,000 from an all-time peak of $63,000. In fact, Bitcoin went down to what it was in the month of January 2021. This created a huge drop in the revenue of the company although they have mined so many Bitcoins. As a result, the company will seek to mine more Bitcoins so as to gain an advantage in the existing dip.
Along with this, the organizations also made the incredible reveal of a joint venture with WETT or Wind Energy Transmission Texas and also the American Electric Power or AEP which will be called Grid Interconnection Agreement. This deal has been made for the establishment of 200 MW in the company’s mining estate in the Lone Star State.
Along with this, it is expected that the company will be connected with the Electric Reliability Council of Texas or ECOT by the end of the year 2022. During such major breakthroughs, it can be said that the future potential of the Argo Blockchain industry is definitely huge. The recent loss incurred would be nothing in front of the huge potential that the future has in store for Argo Blockchain.
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