Bitcoin mining firm Argo Blockchain, currently listed on the London Stock Exchange, is exploring a potential secondary listing on Nasdaq.
Announcing the news on Tuesday, Argo said the timing or the terms of the listing are yet to be decided. Market and other conditions will be the guiding factors, it said.
The news comes as Argo is building out a mining facility in Texas, U.S., with a power capacity of 200 megawatts (MW). The firm currently has three mining facilities in Canada with a total capacity of 35 MW, where it mines bitcoin and zcash, according to its website.
Founded in 2017, Argo listed on the London Stock Exchange in August 2018 and currently has a market capitalization of over $666 million, according to The Block’s Data Dashboard.
The company’s stock, like most other crypto mining stocks, has outperformed bitcoin, per the dashboard. Argo’s stock is currently trading at around $175.
Argo also provided an operational update for June, saying that it mined 167 bitcoin during the month, worth about $5.8 million at current prices.
The June production brings the firm’s total amount of bitcoin mined year-to-date to 883 (worth nearly $31 million). In all, Argo owns 1,268 bitcoin (worth over $44 million) as of June.
Argo CEO Peter Wall said June saw big changes in the crypto sector — a decline in total global hash rate and mining difficulty — as mining machines went offline in China.
The Bitcoin network saw a 28% decline in mining difficulty, witnessing the biggest drop in hash rate since the network went live in 2009. This came as the mining difficulty adjusted to the massive drop in hash rate from 160 exahashes per second (EH/s) to 90 EH/s in a month.
“Argo has capitalized on these changes, continuing to deliver strong revenue at an impressive margin,” said Wall.
Argo generated mining revenue of over $6 million in June compared to over $7.6 million in May. The firm’s average monthly mining margin was around 78% during June compared to 82% in May.
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