China’s Mining Bitcoin Again (But You Can Book Profits)

Crypto Stocks May 24, 2022

By William Johnson

A year or two ago, China rocked Bitcoin prices when it announced a ban on crypto mining; the government there has always been uneasy with the uncontrollable, decentralized aspects of crypto. But that didn’t stop mining, it just pushed it underground or abroad, and gave miners a gigantic tax dodge.

Well, China really shot itself in the foot because, all the while, in America, our mining companies have been able to continue to innovate and produce, to the point where many of them have become quality companies.

Best of all, lots of these companies are on sale right now…

This Is One of My Favorite Crypto Stocks

Argo Blockchain (ARBK) Plc works as a blockchain technology company geared towards large scale mining of Bitcoin (BTC) and other cryptocurrencies. ARBK mines using bespoke computers to solve cryptographic algorithms in the blockchain in exchange for rewards and fees categorized as the native token of that blockchain network. The company was founded in 2017 and is based in London, United Kingdom.

This Is Why I’m So Excited

Argo Blockchain stock surged up to 10% after saying its new flagship mine in Texas is ready to generate crypto next week. Since May 2, 2022, insiders have increased their holdings by 1.5% earlier this year. This move comes before the recent activity that China has allowed Bitcoin mining again. The current price for ARBK is $5.71 and one year ago the high was $21.00. This is the right time to accumulate Argo Blockchain.

Argo Facilities at a Glance

There are currently three Argo Blockchain Mining plants: The Helios, Baie Comeau and Mirabel. Helios is Argo’s flagship mining facility located in Dickens County, Texas. This facility is 320-acres.

The company concludes this will still boost its overall maximum hash rate by 243% to 5.5 EH/s by the end of the year.

Over the next few years, Argo says their new Texas site will eventually utilize 800 megawatts (MW) of electricity. If that happens, Argo could manage a hash rate of more than 20 EH/s overall, equal to around 9% of the Bitcoin network’s current capacity.

Invest safely,