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Seeking Alpha 2022-04-28 16:30:34

Argo Blockchain stock climbs after 2022 hashrate guidance gets bumped up

Argo Blockchain (NASDAQ:ARBK) shares are rising 4.3% in Thursday midday trading after the U.K.-based Bitcoin (BTC-USD) miner lifted its full-year hashrate outlook as more mining machines got installed. Also, "with our mining operations at Helios expected to commence in May, along with the development of custom mining machines using Intel's next-generation Blockscale ASIC chips, Argo is well-positioned to continue its growth," said CEO Peter Wall. It's expecting to achieve 5.5 exahash per second of hashrate capacity by the end of 2022, up from its previous view of 3.7 EH/s. Meanwhile, Argo's (ARBK) revenue of £74.2M ($100.1M) in 2021 topped the average analyst estimate of $98.3M and surged from $25.6M in 2020, driven by an increase in its hashrate, the temporary drop on the Bitcoin (BTC-USD) network and higher BTC prices. 2021 mining margin of 84% vs. 41% in 2020. The increase was highlighted by bitcoin's (BTC-USD) upswing throughout last year. EBITDA of $71.4M

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