leadf
logo-loader
viewArgo Blockchain PLC
(
LSE:ARBOTCQX:ARBKFFRA:0XPNASDAQ:ARBKETR:0XP
)

Argo Blockchain set to continue to benefit from global mining disruption, says broker finnCap

The broker has a target price of 240p on Argo Blockchain

Argo Blockchain

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP), the cryptocurrency miner, is expected to continue to benefit from the disruption to global mining caused by the Chinese government’s crackdown on Bitcoin mining, according to broker finnCap.

The Chinese government’s May announcement that it would restrict mining of the cryptocurrency has materially reduced mining difficulty and led to a drop in the hash rate.

“As the impacts of the changes in China become clearer through H2 21, we will closely watch the development of the three key variables for Argo: the hash rate/network mining difficulty, the cost of mining machines, and the Bitcoin price,” finnCap said in a note on Tuesday.

Earlier today, Argo announced that it has become the first publicly-traded cryptocurrency miner to become climate positive from scope one, two and greenhouse gas (GHG) emissions and that it is now a participant in the UN's Climate Neutral Now initiative.

READ: Argo Blockchain first listed crypto miner to become climate positive

The company also said its transformational new Texas facility will be predominantly powered by wind and solar power.

“We look forward to Argo highlighting further milestones for the build of its Texas facility, updating on its potential Q3 listing on Nasdaq in the US, and announcing new machine orders,” finnCap said.

The broker has a target price of 240p on Argo. The shares fell 3.7% to 120p in midmorning trade.

Quick facts: Argo Blockchain PLC

Follow
LSE:ARB

Price: 119.8 GBX

Market Cap: £457.44 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE 100 rises in early trading despite disappointing GDP read

FTSE 100 opened in the green even though the UK economy rose only 0.1% in July after a 1% jump the previous month. London’s main index added 20 points to 7,044 in early trading. Sarah Gilbert, the scientist behind the Oxford COVID-19 vaccine, said giving boosters to everyone won’t be...

2 weeks, 4 days ago

2 min read