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Summary
- Argo Blockchain Plc share prices surged around 27 per cent on Wednesday on LSE.
- The company has entered into a contract with Navier Inc. to jointly develop a new mining facility -- Helios.
- The company will soon be launching a BTC mining pool operated solely by clean energy.
Argo Blockchain Plc (LON: ARB) shares witnessed a sharp surge in last session trading after the London-listed Blockchain company revealed its plans for a new cryptocurrency mining facility in West Texas. ARB shares surged 26.90 per cent to close at GBX 184.00 on 21 April 2021.
The company focused on large-scale cryptocurrency mining is the major listed cryptocurrency mining company on the London Stock Exchange, and its energy-efficient mining facilities are located in North America. On Wednesday, Argo announced that it has entered into a contract with Navier Inc. to jointly develop its new mining facility, Helios, in West Texas.
The deal
Navier, which has specialisation in the design and creation of cryptocurrency mining facilities, will facilitate Argo’s new facility with an array of consulting services related to the design and assembly. Its services will also include the co-design a top-notch electrical infrastructure that would be proficient enough to provide for 200MW of cryptocurrency mining. Apart from these services, Navier will collaborate with the company to establish next-generation immersion technology designed to enhance mining efficiency, control heat, and expand the lifetime of installed mining rigs.
Also Read: How Argo Blockchain Will Benefit from Its Trading on OTCQX Market
Grant of Warrants
In return of its services, Navier would be getting a monthly retainer from Argo and will also be issued certain warrants, allowing Navier to purchase up to 223,821 shares (of £0.001 each) of the company at a price of 135 pence each. As per the terms of the agreement, the Warrants would be granted in tranches, while the first tranche of Warrants in respect of 18,644 ordinary shares will vest on the issue, the remainder 205,177 warrants would vest over the following 11 months, with condition Navier remains engaged by Argo and is not under notice.
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Argo on a record run
Argo Blockchain, in its latest operational update for March and the first quarter, stated that in the month of March, it mined 165 Bitcoin or Bitcoin Equivalent (BTC), higher by 36 BTC from the previous month of February when it had mined 129 BTC. With the March numbers, the company’s total BTC mined for the first quarter of 2021 surged to 387 BTC, taking company’s mining revenues to £13.4 million for the quarter, the most profitable quarter to date.
Recently the company has also announced that it will be launching a BTC mining pool operated solely by clean energy, following its partnership with DMG Blockchain.
Stocks movement
With the boom in crypto trading in last year, Argo Blockchain has witnessed a humungous appreciation in its stock price last year, surging by 4,426.45 per cent. Since the beginning of the year till date, the stock has given a return of 449.25 per cent. The stock, with a market cap of GBP 553.55 million in the last 52 weeks, has surged to a high of GBX 339.81 from a price as low as GBX 3.40.
