Argo Blockchain adds 1000 miners

Argo Blockchain, a London-listed crypto mining firm, said that it is expecting to break even this quarter after a recent investment in new equipment. London Stock Exchange (LSE) website released a post on Wednesday which said that the firm is adding 1,000 Bitmain Z11 miners that came into production last week and that the directors are expecting better performance with excellent results.  

Notably, Argo raised about $32.5 million via an IPO held last August. Since then the figures have dropped down effectively. The firm revealed a pre-tax loss of £4.1 million (or $5.3 million). The firm is “confident” that it will have around 400 bitcoins (valued at $2.3 million currently) on its account by the end of Q2. However, mining costs are likely to be around £300,000 (or $391,000) for the quarter.

Argo’s executive chairman Jonathan Bixby said: 

“Argo expects to turn EBITDA [earnings before interest, taxes, depreciation, and amortization] break-even in the second half of this year. 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 may purchase an additional 1,000 Bitmain AntMiner S17s for about £1.7 million ($2.2 million) to be put into production in early July.