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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.