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LONDON (Alliance News) - Argo Blockchain PLC said Wednesday it continued to trade in line with expectations in 2019 as new bitcoin mining units come online and the price of the cyptocurrency increases.
Argo explained that 1,000 of its Bitmain Z11 mining units came into production last Thursday.
The firm expects these new units to contribute to an improving gross margin in the second quarter. By the end of the second quarter, Argo forecasts to have 400 bitcoins of cyptoassets which would be the equivalent to GBP1.8 million based on the GBP4,532 price of bitcoin on Tuesday.
Between April 15 and Tuesday, Argo explained, the price of Bitcoin has risen 15%. On the year, however, the price remains down a third.
Argo Executive Chair Jonathan Bixby explained the firm expects to be earnings before interest, taxes, depreciation and amortisation break-even in the second half of 2019.
"We strongly believe that the cryptocurrency market has considerable long-term potential to become a major asset class and that the correct strategy is to continue to invest in mining infrastructure at current prices."
Shares in Argo were 8.9% higher at 3.54 pence on Wednesday.
