In June of 2021, 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. It joins a list of over fifty countries that have restricted the degree to which cryptocurrency can interact with traditional finance.
But that didn’t stop mining - it just pushed it underground or abroad to countries like Kazakhstan, giving miners a gigantic tax dodge.
It’s also given crypto mining companies in the United States a serious chance to flourish, building up infrastructure and production capacity, innovating their technologies, and leading the world on the road to mass crypto adoption.
As a result, many companies in the crypto space are now publicly traded on the Nasdaq and NYSE. We’re quickly getting to the point where these businesses are considered mainstream, and many of them have become quality companies that even the most traditional investors are taking interest in.
The recent stock market tumble has put a lot of these companies on sale, making it an excellent time to invest in this emerging sector.
And there’s one in particular you need to know about - because it’s just completed a recent expansion that’s going to set it back on the path to its all-time highs, and possibly beyond…
This Crypto Mining Company Is Set to Soar
Argo Blockchain ADR (NASDAQ: ARBK) works as a blockchain technology company geared toward 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, and originally had two mining facilities in Quebec, Canada.
But its new facility, Helios, is what’s really generating excitement. The 320-acre operation is slated to be Argo’s flagship mining facility, located in Dickens County, Texas.
The company concludes that the facility’s opening will 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 Helios 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.
Needless to say, this ambitious expansion has set investors abuzz. After a recent announcement that Helios can begin generating crypto as early as next week, its stock surged 10% even as the rest of the market was falling. Since May 2, insiders have increased their holdings by 1.5%.
ARBK is currently trading just south of $6 as of this writing, a steep decline from its 52-week high of $21. But given its current expansion and the potential to massively increase its crypto revenues, it’s very likely to shoot back up as more investors look for a solid long-term hold in the crypto mining industry. Very simply, it’s a steal at the current price.
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