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Argo Blockchain ends partnership discussion with Hive Blockchain Technologies

The crypto miner said the interests of shareholders would be better served by the firm implementing a US$16mln investment programme to boost capacity

Argo Blockchain - Argo Blockchain ends partnership discussion with Hive Blockchain Technologies
Cryptocurrency is mined using powerful computer processors

Argo Blockchain PLC (LON:ARB) has decided to end discussions over a proposed partnership with Canadian blockchain infrastructure group Hive Blockchain Infrastructure Ltd (CVE:HIVE).

Crypto miner Argo said that since heads of terms were signed for its collaboration with Hive, it had implemented a US$16mln investment programme to more than double its mining capacity by the end of the year, and as such believed executing its current plans was more in the interests of shareholders than the proposed partnership.

READ: Argo Blockchain bounces as it recoups cost of crypto mining machines faster than expected

"We established a great rapport with the Hive team over the past several months but both companies have agreed to pursue the many opportunities now opening up in the industry separately”, said Mike Edwards, chairman and co-founder of Argo.

In early trading on Tuesday, Argo's shares were up 2.5% at 9.9p.

--Adds share price--

Quick facts: Argo Blockchain PLC

Price: 5.6 GBX

LSE:ARB
Market: LSE
Market Cap: £16.45 m
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