Argo Blockchain Shares Jump After Updated Hashrate Guidance

The stock rose the most since March after the miner said it expects its hashrate to reach 5.5 EH/s by year-end.

AccessTimeIconApr 28, 2022 at 9:31 a.m. UTC
Updated May 11, 2023 at 3:43 p.m. UTC

Argo Blockchain (ARB) shares surged on the London Stock Exchange on Thursday after the bitcoin (BTC) miner raised the hashrate guidance in its annual earnings report.

  • The shares traded around 70 pence, (US$0.9) at the time of writing, an increase of 15% from Wednesday's market close. The jump is the biggest since March 9, when it gained 18% on the day, data from TradingView shows.
  • In a report published after U.S. markets closed, Argo said it expects its hashrate to increase to 5.5 exahash/second (EH/s) by the end of the year, up from its previous estimate of 3.7 EH/s.
  • The miner is among four companies that have disclosed they will be using Intel's (INTC) new bitcoin mining chip, the other three being Hive Blockchain (HIVE), Griid Infrastructure, and Jack Dorsey's Block (formerly Square).
  • The miner also saw sales reach $100.1 million, beating the average analyst estimate of $98.3 million, with revenue up 291%.

CORRECT (April 28, 9:38 UTC): Corrects share price to pence. Original quoted it as pounds.



Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.