Argo Blockchain plc (ARBK) saw a push of 6.44% in the premarket today following the update on Argo Labs. However, the last trading session closed at $10.71 with a decrease of 2.37%.
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Argo Labs – What’s up?
On 19th January 2022, ARBK announced an update on Argo Labs, the company’s in-house innovation arm, which was designed to seek possibilities in the bitcoin ecosystem’s disruptive and inventive areas while also promoting the decentralization of multiple blockchain protocols. Moreover, Argo Labs has received around 10% of Argo’s crypto assets as part of its “HODL” strategy.
Not only this but Argo Labs focuses on two main areas: network involvement and strategic diversification through the effective deployment of the Company’s crypto treasury assets. Technical support, operating nodes, auditors, and staking creative initiatives are all examples of network involvement.
So what?
Argo Labs’ mission is to help the Company’s mining operations by collaborating with the crypto ecosystem’s most disruptive and inventive industries. The company is dedicated to expanding the sector in all aspects, and the executives are excited to lead this charge alongside the team. Moreover, Argo has long been a proponent of the use of blockchain and cryptocurrency technology. Argo Labs allows the company to integrate cryptocurrencies into current financial infrastructure, get exposure to the broader technology platform ecosystem, and create long-term value to the investors.
Operational Update – Newest Update
ARBK announced the operational updates on 7th January 2022. The mining revenue came out to be $10.55 million. Moreover, Argo earned this money in December with a Bitcoin and Bitcoin Equivalent Mining Margin of around 83 percent.
The Company has 2,595 Bitcoin or Bitcoin Equivalent at the end of December. The year 2021 will be remembered as a watershed moment for both Argo and the cryptocurrency industry. The company started construction on the Texas mining complex and listed Argo on the NASDAQ. Lastly, ARBK is looking forward to the next year and the launch of the mining facility in Dickens County, Texas, as a result of the efforts.
