What is going on with ARBKF?
Argo Blockchain (ARBKF) stock declined today after the global cryptocurrency miner announced that it had completed the acquisition of two data centers in Quebec, Canada. Shares of ARBKF declined 2% to $1.87 as of Thursday at 11:14am.
What does this mean for Argo Blockchain?
Argo's rationale for the purchase of the data centers stems from their strategy to increase control over the mining facilities in which its machines are hosted, with the aim of providing added long term stability. The data centers have a combined total of 20MW of power capacity and currently house a significant portion of Argo's cryptocurrency mining equipment. They are powered almost exclusively by electricity generated from hydro power, which remains a key part of the company’s green mining vision.
Peter Wall, Chief Executive of Argo, said: “Argo's purchase of data centres in Canada represents another milestone for the Company as we seek to take greater control over our mining production and mining cost base, while also laying solid foundations for long-term growth.”
Argo describes themselves as "one of the largest and most efficient operations powered by clean energy." The company's emphasis on energy output comes at a time when some are questioning the sustainability of cryptocurrency mining practices, including Tesla and Elon Musk.
ARBKF has a Short-Term Technical Rank of 41. Find out what this means to you and get the rest of the rankings on ARBKF!
Argo Blockchain PLC is a cloud-based crypto mining company. The company's service provides access to mining rigs, which perform the complex crypto-mining operations for its users and then directly deposit all coins mined into users' digital wallets.