Argo Blockchain, the first cryptocurrency mining firm to be listed on the London Stock Exchange (LSE), has seen the price of its shares surge after announcing machines it bought already paid for themselves.
According to UK news outlet ProactiveInvestors, Argo Blockchain’s 1,000 Bitmain Z11 Antminers, which became fully operational in May, already generated enough cryptocurrency to repay the investment the firm put into them. In a market release the firm wrote:
The Company is pleased to report that these machines have achieved a 100% payback on their investment, thereby recouping their full cost in under half the time the Company had estimated.
Argo Blockchain has also bought 2,267 S17 Antminers which it claims are well on their way to paying for themselves as well. Its Executive Chairman Mike Edwards noted the company’s decision to “move fast with a major expansion of mining infrastructure” is giving it returns “much earlier than expected.”
After the announcement was made the price of the firm’s shares, trading under the ARB ticker, surged. Since the beginning of the year Argo’s shares have surged well over 200% from 2.9 GBp to 10.15 GBp at press time.
Edwards added he expects the strategy to keep paying off in the long run, as Argo plans to keep on investing in cryptocurrency mining. In an Operational Update it published earlier it said it’s looking to add 7,000 mining machines to its Quebec mining facilities by the end of the year.
In July the firm generate 163 bitcoins, worth around $1.65 million at press time, with a claimed margin of 80%.
