London-listed Argo mining company adds 1,000 BTC miners in bid to turn profit for Q2

posted 5 months ago
Publicly listed Bitcoin mining firm Argo Blockchain said it expects to break even this quarter after a recent investment in a new batch of 1,000 Bitmain Z11 miners. Argo, which offers mining services via a subscription model, notably raised $32.5 million via an IPO last August. Its value has since plummeted. However, with the new units in production, the firm is “confident” it will have around 400 bitcoins (~$2.3 million) on its balance sheet by the end of Q2. Mining costs, on the other hand, are estimated to only increase to $391,000 for the quarter.

Jonathan Bixby, the firm’s executive chairman, said “We strongly believe that the cryptocurrency market has considerable long-term potential to become a major asset class and that the correct strategy is to continue to invest in mining infrastructure at current prices.” The firm indicated it’s also considering the purchase of an additional 1,000 Bitmain AntMiner S17s for $2.2 million to be put into production in early July.
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