Encrypted mining company Argo Blockchain's second quarter mining business exceeded expectations

Shares of Argo Blockchain PLC (LON:ARB) soared on Tuesday as performance of its cryptocurrency mining business exceeded expectations for the second quarter. In the update report for June, the group said that the mining output of its existing hardware has increased with the “significant increase” in bitcoin prices, so the group is currently expected to generate 161 bitcoins, worth about It was 1.38 million pounds, 101% higher than the mining results in May. The company also said that as of the end of June, due to the "significant rise in asset prices" and higher-than-expected production, its holdings of crypto assets were approximately 3.07 million pounds, 7.7% higher than the previously revised estimate of 2.85 million pounds. At the same time, Argo said that the installation of new mining equipment at the Quebec plant is in progress, and by the end of the third quarter, an additional 2,500 mining machines will be delivered and put into production, which is expected to increase the mining revenue “significantly”.