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Monday, October 18, 2021

Crypto Miner Argo Blockchain plc (OTC: ARBKF) Surging Higher as Up listing Looms and BTC Soars

Argo Blockchain plc (ARB on LSE) (OTC: ARBKF) is making a wild ride up the charts since being listed on the US pink sheets in December at $0.167 per share skyrocketing to recent highs of $2.74 per share. As the price of BTC has continued to rise Argo has been running northbound as a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. Argo has quickly up listed to fully reporting OTCQB and has hired public relations advisor Wachsman to help the Company’s quest of up listing to NASDAQ; a listing that along with the additional tailwinds accompanying a BTC bull market mean Argo could see significant upside over the next six months. 

It’s easy to get excited about Argo Blockchain whose crypto mining facilities include Baie Comeau; a 40,000 square foot state-of-the-art facility in Northern Quebec with 15MW of capacity, managed by its hosting partner, GPUone. Mirabel; a 20,000 square foot facility with 5MW of capacity. As Argo’s first large-scale facility, it continues to significantly contribute to ongoing mining operations. In early 2018, the Gatineau facility oversaw the creation of Argo’s initial GPU mining systems and continues to support ongoing technical developments. The Company has also entered into an LOI for the acquisition of 320 acres of land in West Texas, USA for $17.5 million, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months. Upon closing Argo will gain access to a pre-negotiated $100 million credit facility at competitive rates, providing the company with sufficient debt capital to build out the facility and further expand its mining fleet to upscale the company’s operations and capacity. Besides the planned NASDAQ up listing Argo is debt free and is led by CEO Peter Wall who owns 570,000 shares.  

Image result for argo blockchainARBKF; Argo Blockchain plc (ARB on LSE) is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQB Venture Market in the United States under the ticker ARBKF. 

The Company is the first crypto miner to trade on the London stock exchange and its cryptocurrency mining infrastructure has the highest PH (petahash) to MW (megawatt) ratio of all publicly traded companies on the market. This remarkable energy efficiency results in cheaper mining operations and higher overall margins. 

Argo also has other irons in the fire including mining about 5% of the world’s ZCash (ZEC-USD), HODLing a 2019 purchase for $100,000 of Polkadot, of which they still have 75,000 tokens, and making a $100,000 investment in Luxor Technologies, a blockchain technology company. 

Image result for argo blockchain

Argo Blockchains’ crypto mining facilities include Baie Comeau; a 40,000 square foot state-of-the-art facility in Northern Quebec with 15MW of capacity, managed by its hosting partner, GPUone. The Company also operates Mirabel; a 20,000 square foot facility with 5MW of capacity. As Argo’s first large-scale facility, it continues to significantly contribute to ongoing mining operations. In early 2018, the Gatineau facility oversaw the creation of Argo’s initial GPU mining systems and continues to support ongoing technical developments. Argo Blockchain is at the right place at the right time as BTC continues to see new highs nearing $50,000 a coin. The recent $1.5 billion investment into Bitcoin by Elon Musk has been a recent catalyst. 

Investor sentiment in Argo Blockchain is high:

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ARBKF

Argo recently completed a GBP £22.4 million private placement of its ordinary shares to certain institutional investors. Pursuant to the Private Placement, the Company will issue 28 million Ordinary Shares at a purchase price of GBP £0.80 per Ordinary Share. The net proceeds of the Private Placement will be used by the Company for working capital and general corporate purposes, including the expansion of the Company’s mining capacity in Q1 and Q2 of 2021 through a purchase from two leading manufacturers. This new mining hardware expansion is expected to be installed in batches at Core Scientific’s facilities in the United States between February to June, and is scheduled to be fully operational by June 2021. This expansion will add approximately 610 petahash to the Company’s installed computing power, bringing it to a total of 1,685 petahash or 1,68 Exahash by the end of Q2 2021. 

On February 10 Argo Blockchain announced it has entered into a Letter of Intent (LOI) with DPN LLC of New York, initiating the acquisition of 320 acres of land in West Texas, USA, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months. When completed, the facility will provide Argo with electricity at some of the lowest rates in the world, with the majority of its power coming from renewable sources. 

Once finalized, the overall price of the acquisition will be $17.5 million to be satisfied by the issue and allotment to DPN LLC of new ordinary shares in Argo. Upon completion of the definitive agreement, $5 million worth of new ordinary shares will be issued to DPN LLC. The balance of $12.5 million will be made as milestones related to the project are fulfilled. In addition, Argo will gain access to a pre-negotiated $100 million credit facility at competitive rates, providing the company with sufficient debt capital to build out the facility and further expand its mining fleet to upscale the company’s operations and capacity. 

In connection with the proposed acquisition, Argo plans to issue a circular to shareholders to convene a general meeting where they will be asked to approve the allotment and issue of both the new shares to be issued to DPN LLC as well as the issue of further new shares to raise equity to fund the down payment (or deposit) on the credit facility. XMS Capital Partners LLC acted as a financial advisor to Argo Blockchain in connection with the transaction. 

Argo Blockchain CEO Peter Wall stated: “We are incredibly excited about this agreement. It gives Argo tremendous control over our mining operations, as well as significant capacity for expansion. In addition, we have been able to secure access to some of the cheapest renewable energy worldwide in a location where innovation in new technologies is encouraged and incentivized.” 

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Argo Blockchain plc is making a wild ride up the charts since being listed on the US pink sheets in December at $0.167 per share skyrocketing to recent highs of $2.74 per share. As the price of BTC has continued to rise Argo has been running northbound as a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. Argo has quickly up listed to fully reporting OTCQB and has hired public relations advisor Wachsman to help the Company’s quest of up listing to NASDAQ; a listing that along with the additional tailwinds accompanying a BTC bull market mean Argo could see significant upside over the next six months. It’s easy to get excited about Argo Blockchain whose crypto mining facilities include Baie Comeau; a 40,000 square foot state-of-the-art facility in Northern Quebec with 15MW of capacity, managed by its hosting partner, GPUone. Mirabel; a 20,000 square foot facility with 5MW of capacity. As Argo’s first large-scale facility, it continues to significantly contribute to ongoing mining operations. In early 2018, the Gatineau facility oversaw the creation of Argo’s initial GPU mining systems and continues to support ongoing technical developments. The Company has also entered into an LOI for the acquisition of 320 acres of land in West Texas, USA for $17.5 million, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months. Upon closing Argo will gain access to a pre-negotiated $100 million credit facility at competitive rates, providing the company with sufficient debt capital to build out the facility and further expand its mining fleet to upscale the company’s operations and capacity. Besides the planned NASDAQ up listing Argo is debt free and is led by CEO Peter Wall who owns 570,000 shares. We will be updating on Argo Blockchain when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Argo Blockchain .

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Disclosure: we hold no position in Argo Blockchain either long or short and we have not been compensated for this article.—

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