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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.
Updated May 11, 2023, 3:43 p.m. Published Apr 28, 2022, 9:31 a.m.
Argo Blockchain (ARB) shares surged on the London Stock Exchange on Thursday after the 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%.
Read more: Bitcoin Miner Argo Raises Hashrate Guidance Thanks to Intel Mining Chips
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CORRECT (April 28, 9:38 UTC): Corrects share price to pence. Original quoted it as pounds.
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