 is down by 3.47% on Tuesday as the bitcoin miner provided an operational update for July.){kind=link}
Argo Blockchain Share Price
The Argo Blockchain share price (LON:ARB) is down by 3.47% on Tuesday as the bitcoin miner provided an operational update for July. Over the past five days of trading, the Argo Blockchain share price is hovering around the 130p level. It remains some way off its all-time-high of 284p reached in February. July was a busy month for both Argo and bitcoin, culminating in a renewed sense of optimism in the crypto market following the crash.
Operational Update
Argo’s mining output was up substantially in July to 225 bitcoin, compared to 167 the month before. It brings the company’s total bitcoin mined since the beginning of the year to 1108 bitcoin.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in July amounted to £5.6n ($7.79m), up from $6.05m the month before.
Argo Blockchain now owns 1,496 bitcoin as of the end of July.
Peter Wall, Chief Executive of Argo said: “I’m delighted that we have been able to capitalize on the reduction in global hash rate and mining difficulty this month to deliver these results at an impressive margin. We are also pleased to have broken ground at the Texas facility, and are excited about the opportunities that this development offers in allowing us to exercise greater control over our mining operations, to continue to utilize renewable power and to work with the local community in Texas to enact positive change.”
Bitcoin
As the bitcoin price pulled back over the last few days, investors will be curious over the direction of the cryptocurrency, and its impact on the Argo Blockchain share price.
At the time of writing, bitcoin is at £27,735, having been above £30,500 over the weekend.
Mark Warner, head of trading at BCB Group, gave Forbes his take, which will be well received by those with an eye on the Argo Blockchain share price.
“There are many sellers at $42,000, where longs have been trapped since 19 May, so we expect more resistance at this level. A confirmation of the breakout, by BTC retesting $34,500-$36,000, could provide buying opportunities for those who missed out.”