Argo Blockchain Share Price
The Argo Blockchain share price (LON:ARB) is up by 11.53% on Tuesday, as it recovers somewhat from a turbulent period for bitcoin. The move comes as talk over China’s plan to ban bitcoin intensifies, as well was Argo making steps to prove its environmental credentials. Despite falling through April and May, the Argo Blockchain share price remains up by 294% since the beginning of the year. In light of recent news, investors will be curious to see if the mining company can gain a competitive advantage beyond its exposure to bitcoin.
Bitcoin Mining Council and China
Argo confirmed it has joined the Bitcoin Mining Council (BMC). The organisation is made up of North American cryptocurrency miners with the aim of promoting energy transparency and more sustainable mining methods. The move comes in addition to Argo recently signing the Crypto Climate Accord.
“Today is a good day for the planet. Sustainability has always been at the heart of Argo’s mining operations and the newly-formed Bitcoin Mining Council is the next logical step in fostering a sectoral shift towards renewable energy”, said Argo chief executive Peter Wall.
The Chinese government also appears set to ban all bitcoin mining. The government will “crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society,” according to a statement issued by the Financial Stability and Development Committee of the State Council, the country’s cabinet equivalent.
The Chinese government voiced concerns over perceived risks including financial stability, money laundering, drug trafficking, smuggling and profligate energy use.
Therefore, as Argo moves closer to being a net-zero miner, it could stand to gain a substantial market share from Chinese miners, which will no longer operate. In that case the Argo Blockchain share price could do very well in the future. However, those investing in Argo will remain exposed to the volatile price of bitcoin.
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