.){kind=link}
Argo Blockchain Share Price
2021 has been a year of volatility for the Argo Blockchain share price (LON:ARB). Having reached an all-time-high in February of 284p, it dipped towards the 100p mark just three months later. Of course there was a tumultuous period for bitcoin, as the Argo continued its evolution. However, investors remain interested in the company as many see bitcoin as playing a pivotal role in the future of finance. More recently, Argo Blockchain unveiled DeFi investments, in addition to providing updates on mining and infrastructure, while analysts remain bullish on bitcoin.
Operational Update
In an operational update for May, Argo confirmed it has made an investment of £146,000 in WonderFi Technologies. The investment was part of a wider £9.6m fundraising in a company that focuses on bringing DeFi tech to the mass market. Argo’s chief executive will be appointed as an advisor to WonderFi Technologies as part of the investment.
“We are pleased to announce Argo’s strategic investment into WonderFi. Access to this emerging sector needs to be democratised and we believe WonderFi is in an excellent position to achieve this”, CEO Peter Wall said in a statement.
The bitcoin miner also confirmed it mined 166 bitcoin during May, three more than the month before, bringing the total since the beginning of the year to 716 bitcoin. Argo’s revenue for May stood at £5.5m, down from £6.7m in April, based on present crypto prices and foreign exchange rates.
The company’s average mining margin in May is around 82%, while it finished the month holding 1,108 bitcoin. Despite the crash in the crypto market, Argo’s revenues held relatively steady.
May has been a packed month for Argo. Despite challenges, Argo delivered strong revenue and surpassing 1,000 bitcoin in holdings. The miner also signed the Crypto Climate Accord and has been involved in the creation of the Bitcoin Mining Council.
Bitcoin Price
In encouraging news for the Argo share price and the wider bitcoin community, bitcoin could soar to $500,000. That is according to ARK Investment chief Cathie Wood, who reiterated a longstanding position on the digital currency’s future.
“A lot of traders see Bitcoin dropping…so traders just dump and run…I think we are in a capitulation phase,” the Ark boss explained, when discussing bitcoin’s crash in May.
Wood also said that bitcoin’s adoption of renewable energy and solar could be accelerated as it increasingly becomes an issue for investors. At the time of writing, bitcoin is back up to $38,670, as it appears to be slowly recovering. If it keeps moving up then this will be good news for the Argo Blockchain share price.