Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) is “excellently positioned to capitalise when conditions change,” said analysts at FinnCap following the release of its first half results.
FinnCap, reporting on one of its clients, believes its ability to scale Helios, its crypto mining facility in Texas, during tough market conditions and its experience in navigating previous tough winters means its well positioned to capitalise when conditions turn favourable.
The broker also noted that Helios is continuing to scale since its launch on 5 May, including a successful swap of 10,000 machines with Core Scientific, and delivery of 20,000 new machines from Bitmain.
Current market conditions, however, forced the crypto mining company to lower its order for ePIC machines to 0.9 EH/s and from 1.8 EH/s, with the operation now expected in the first quarter of next year as opposed to the last quarter of this.
Hashrate is a measure of the computational power per second used when mining, essentially the speed of mining, while EH/s measures how many calculations can be performed per second.
The removal of roughly 0.5 EH/s capacity from some of its series 17 machines, finnCap notes, will see a hashrate of 4.1 EH/s by the first quarter of 2023.
The analysts value the firm at 220p.