Crypto-miners are not deterred by the collapse of the market, says Argo Blockchain

You left the bag?

Argo Blockchain, a London-based company listed on the London Stock Exchange, said on Tuesday that cryptography enthusiasts were still clamoring for its parts extraction services, despite the collapse of the market, which seriously undermined the profitability of such operations. .

The company that debuted on the London Stock Exchange last August said that the total number of crypto mining packages sold rose from 4,200 to 4,325 on October 1.

"Our mining offerings are being recovered as quickly as we make them available and demand continues to outstrip supply," said Mike Edwards, Argo co-founder.

The update boosted Argo's share price by nearly 25% Tuesday to 5.88bp, but the stock price remains heavily discounted compared to the listing price of 16p.

Argo offers a service that allows users to exploit parts using their servers for a monthly subscription. Mining, which created new coins using computers that solve complex mathematical problems, was lucrative at the height of the bitcoin boom last year, but has since been hit by a traps.

"Due to the current depressed price, many bitcoin miners have been unable to continue their operations," said Sam Doctor, head of research in data science at Fundstrat Global Advisors.

Mr. Doctor said that the cash cost of extracting a bitcoin with the help of a popular device now amounts to $ 4,500 or $ 5,700, in also including items such as depreciation. Bitcoin was traded at $ 3,964 a piece on Tuesday, down 71 percent from last year and well above $ 19,000 a year ago.

Argo, for its part, remains confident: "Despite the recent slowdown in the cryptocurrency market, we continue to experience a strong increase in our revenues through the successful execution of our growth strategy," said Edwards.