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Highlights
- Argo Blockchain plans to expand its Bitcoin mining capacity through the purchase of additional 20,000 Bitmain Antminer S19J Pro machines.
- Quantum Blockchain Technologies submitted an application for its first patent ASIC UltraBoost.
Blockchain is a distributed ledger technology that stores records in a decentralized manner instead of storing data exclusively on internal servers. It also allows the creation of an unchangeable public ledger that can be accessed by all users.
Blockchain is the driving force behind Bitcoin and other cryptocurrencies. Various publicly traded firms often incorporate blockchain technology into their operations, provide blockchain-related services to their clientele customers, or play a pivotal role in the crypto industry. Some companies are solely focused on blockchain R&D and innovation, while others may use related products and services for the proper functioning of an existing business.
(Data source: EODHD/Others)
Here is a review of the investment prospect in two blockchain stocks -
Argo Blockchain Plc (LON: ARB)
Argo Blockchain is a global cryptocurrency mining company that is engaged in the use of renewable power sources for the development of blockchain technologies. Its total number of Bitcoin and equivalents mined was 883 BTC in H1 2020 compared to 1,669 in 2020.
Argo Blockchain has announced plans to expand its Bitcoin mining capacity through the purchase of additional 20,000 Bitmain Antminer S19J Pro machines. The addition of new machines is expected to increase the company’s hashrate by more than 2 Exahash and will be delivered and deployed at its future Texas facility in monthly batches during the Q2 2022 to Q3 2022 period. In September, it inked an £18.05 million Bitcoin-based loan agreement with Galaxy Digital LP.
The shares of Argo Blockchain last traded at GBX 122.00, up by 2.52% at the close of the day’s trade on Thursday 30 September 2021.
Argo Blockchain’s revenues grew by 180% year-on-year to £31.1 million for H1 2021 ended 30 June 2021, due to an increase in production and rising Bitcoin prices. Its revenues in H1 2020 stood at £11.1 million. Its pre-tax profit increased to £10.7 million in H1 2021 from £0.5 million in H1 2020.
Argo Blockchain’s shares returned 2,441.67% to shareholders in the last one year, and its market cap was £555.83 million as of 30 September 2021.
Quantum Blockchain Technologies Plc (LON: QBT)
AIM-listed Quantum Blockchain Technologies is a company engaged in R&D and investments in blockchain technology.
Quantum Blockchain Technologies submitted an application for its first patent ASIC UltraBoost.
The shares of Quantum Blockchain Technologies last traded at GBX 1.60, up by 36.17% at the close of the day’s trade on Thursday 30 September 2021.
Quantum Blockchain recorded a total comprehensive loss of €1.1 million for H1 2021 ended 30 June 2021 compared to loss of €363,000 in the period ended 30 June 2020. Its operating loss for the period stood at €714,000 compared to an operating loss of €228,000 in H1 2020.
Quantum Blockchain Technologies’ shares returned 558.44% to shareholders in the last one year, and its market cap was £10.55 million as of 30 September 2021.
Bottomline
Several publicly traded organisations offer only limited exposure to the blockchain and cryptocurrency market. Investing in blockchain stocks enables investors to gain exposure to these high return yielding stocks.
