Argo Blockchain Exploring a Potential Secondary Listing on the Nasdaq

Sahaj  |  Jul 6, 2021

As revealed recently, Argo Blockchain PLC is currently exploring a potential secondary listing on the Nasdaq market. However, the exact timings and terms of the listing have not been decided within the company nor it has yet been decided that its occurrence is confirmed.

Argo Blockchain Looking For Potential Secondary Listing on Nasdaq

The deliberation escorted an update for the performance of the crypto miner for the month of June, in which it was reported that it had extracted 167 Bitcoin over the month, which is more than the total BTC extracted in the month of May, 166.

Talking about the total revenue generated this month, it stands at 4.3 million Euros as compared to 5.51 million Euros in the month of May.

Discussing further the average monthly mining margin for the month of June, it stands at 78%.

Peter Wall, the Chief Executive of Argo Blockchain released a statement mentioning the reduction in mining difficulty in the month of June and said:

"June has seen big changes in the cryptocurrency sector, with the reduction in total global hash rate and mining difficulty as mining machines have come offline in China. We've seen the global hash rate drop from over 150m TH/s to just 90m TH/s in the space of a month and mining difficulty adjusted to reflect this reduction.”

The Reduction of Hash Rate and The Drop in Bitcoin Mining Difficulty 

It is because as the price of Bitcoin plunges, the hash rate drops with it. Moreover, along with the hash rate, it can be witnessed that the difficulty level in Bitcoin mining also drops.

Well, it won’t be wrong to say that the crypto crackdown in China has a decent role to play in this situation.

In addition to this, Wall emphasized the plan of a secondary listing on the stock exchange and said:

“Argo has capitalized on these changes, continuing to deliver strong revenue at an impressive margin. We are also pleased to announce the exploration of a potential secondary listing on NASDAQ.” 

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