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Argo Blockchain PLC listed on the London Stock Exchange

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I was very sceptical of Argo Blockchain. However with Bitcoin prices rising significantly and I mean significantly and this announcement along with the recent share price reaction then it is certainly an interesting one. I am invested in Vela Technologies PLC which has around 1% stake in this. However Vela's share price is shockingly bad. It may catch up but who knows and that is for another thread. 

I include below the announcement made via RNS today by Argo Blockchain PLC.

Argo Blockchain PLC

Strategic Partnership and Share Swap

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/strategic-partnership-and-share-swap/201905130715057462Y/

I also include the latest chart including the latest breakout. 

222545930_ArgoBlockchainPLC_20190513_18_36.png.7293a215b5445412c1ab24c6e646b80f.png

It finished up by 35% but it was higher than this and I recall seeing 40% and possibly even higher if memory serves me correct.

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Argo is still going upwards. They released this RNS this morning:

Argo Blockchain PLC

Board Changes and Adjournment of General Meeting

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/board-changes-and-adjournment-of-general-meeting/201905150700170390Z/

It went up another 26% today and is now trading at around 6p. I include the latest chart 'daily' below with the volume. As you can clearly see that volume has increased significantly over the past few days.

1301685524_ArgoBlockchainPLC_20190515_17_13.png.64b89a88ef3d22c618873ce0c11eb51d.png

The price has gone above its 20, 50 and 100 DMA but the 200 DMA is no where to be seen on the 'daily'!

1664903533_ArgoBlockchainPLC_20190515_17_14.png.e82ba8279a90bdcedf5ef3c74be6f6c9.png

 

Disclaimer: I do not hold shares in Argo Blockchain PLC. I am invested in Vela Technologies PLC which has an equity stake in Argo Blockchain PLC.

Argo Blockchain PLC_20190515_17.10.png

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I am a bit sceptical of AIM listed companies in general based on experience. 

Argo's RNS states in relation to the latest deal of up to £1m per month revenues. Now this could just as easily mean £100k or £500k. Up to £1m is very vague. It does not mean this company will def. generate £1m of revenues every month. AIM RNS's have a way of spinning the spiel into something which sounds fantastic. 

It will be interesting to see what happens tomorrow and Friday with the share price.

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Posted (edited)

The latest RNS released by the company this morning:

Argo Blockchain PLC

Trading Statement

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/trading-statement/201906030700078473A/

I just checked the share price and it is up over 20%.

For those who do not want to invest in Bitcoin or even trade it, this could allow those to participate in any Bitcoin bull run without having to actually invest or trade it. 

As I have stated on past occasions, it is about identifying any breakouts and potential trends manifesting themselves as early as possible. This could be a 'potential'. I say 'potential' as it is the AIM Market after all!

Edited by TrendFollower

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Argo seems to be following the lead from Bitcoin and other 'alt coins'. It recent surge and breakout is impressive. Whether it can sustain this is a different issue altogether. 

It is trading above its 20, 50 and 100 day moving averages when looking at the 'daily'. I include the chart below.

799101647_ArgoBlockchainPLC_20190625_17_24.png.5047f1a3671a5f286a82fb11b3a9c63e.png

I wanted to also share the current 'Significant Shareholders' in Argo Blockchain PLC. There are some large institutions who have invested such as 'Miton Asset Management', 'Janus Henderson Investors' and 'Jupiter Asset Management'.  

https://www.argomining.co/significant-shareholders

These large institutions will have conducted due diligence far better than the ordinary investor one would like to think. As long as Bitcoin keeps climbing then I can see Argo continuing to rise along with it. 

This could be a potential 'Long' trade based on its current price action and trending direction. 

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1 hour ago, TrendFollower said:

Argo has released this following RNS this morning:

Argo Blockchain PLC

Major Contract Variation and Extension Signed

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/major-contract-variation-and-extension-signed/201906270700035460D/

New agreement with GPU vendor, plus investment of 1.5m into their company. Apparently this will 

  • enables Argo to expand mining capacity by 47% to 14MW at its two existing data centres in Quebec, Canada;
  • reduces the mining costs payable by the Company by a reduction of 39% from the cost of the Company's initial agreements for 9.5MW signed in August 2018

Argo spreads at nearly 10% tho! **** 

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@cryptotrader,

On IG's UK Spread Betting platform the current buy price is 8.522 and sell price is 8.180. So the spread is 0.342. If you were looking at a longer term investment then acquiring it from a broker that offers share dealing services may be an option. This will include dealing charges on buying and selling plus stamp duty on purchase. 

Vela Technologies PLC which I am invested in through my share dealing broker has a stake in Argo Blockchain PLC. I personally am not invested in Argo Blockchain PLC directly. 

However, its recent share price appreciation is impressive. 

 

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@TheGuru12,

You may be right. I do not own shares directly in this company. This is a company where IG have interviewed the director, Mike Edwards. If you go back to the start of this thread then you will see that James from IG has from time to time contributed to this thread. 

If you look at my initial comments on this company at the start of this thread then you can see my thoughts when this company was going through the IPO. 

Your comment is that it is an absolute sucker stock, like I said you may be right, but you present no arguments to support your comments.

From a price action perspective the share has actually performed rather well. Price action is king and this is where from a trading perspective one must not let their personal emotions cloud their judgement when trading based on price action. Have a look at the price action from May 2019 onwards.

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Let's face it, All the people that made money off this rubbish have done already done. Let's get Bitcoin (and associated "Altcoins") down to it's true value, A vanity token at best. It's like those tokens you get in from competitions, cash value 0.000000000001p.... 

On the other side of the coin, No pun intended. The technology needs to mature first, 5 - 10 years perhaps, Currently now a database is just as good. Then it will be used by alot of institutions but until then.... Mining is dead in the water, Alot of these so called tokens now don't need to be mined. 

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@TheGuru12,

You need to separate Blockchain technology and the opportunities it presents from most of the rubbish and junk altcoins. 

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This was released via RNS this morning.

Argo Blockchain PLC

Argo Mining Capacity Significantly Expanded

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/argo-mining-capacity-significantly-expanded/201907040700054359E/

Even if you think this company is a pile of junk which it could be then go with the price action and momentum. Sometimes the most rubbish companies on AIM deliver some of the best short term returns based purely on hype, spin and momentum. 

Now only the end of year accounts will show how much turnover this company is generating and how much profits it is creating. That will judge whether this company is hot air, junk, garbage or a company with high risk potential for significant revenue increase and substantial profit potential. 

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For every fanatical advocate of crypto there is always someone who vehemently rejects it. Yin and yang.

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@cryptotrader,

Yes you are right. This is why one cannot get emotionally attached to any specific Crypto. No one knows right now which will succeed and which will fail. The only thing I am personally convinced of is that 90% of the junk will fail. Only the strongest and robust will survive of which Bitcoin is most likely to survive and will end up being the reserve digital currency within the Crypto Universe.

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Even if you think this company is utter rubbish the price action is strongly upward trending. It is making new highs and gathering momentum. Now being on AIM will help it far more than being listed on NEX Exchange. 

The rise could just be speculative and a dose of pump and dump. There is nothing wrong in trading such price behaviour. Ensure you have a stop loss in place and ride the trend until it reverses of course. 

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Argo Blockchain is a research client of Align Research. Align Research owns shares in Argo Blockchain.

I shall say no more. 

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The news flow is certainly flowing but one must be careful of the share price being pumped up and pushed down. 

This is the recent RNS that was released by the company to the markets:

Argo Blockchain PLC

New hardware delivers faster-than-expected ROI

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/new-hardware-delivers-faster-than-expected-roi/201908280700043294K/

 

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The news flow just keeps on coming with Argo Blockchain. IG covered it over year ago but there has not been much since from IG. 

Argo Blockchain PLC

Update- Proposed Partnership with Hive Blockchain

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/update--proposed-partnership-with-hive-blockchain/201909030700038812K/

Based on recent positive news flow and positive price action I am surprised IG have been quiet on this particular company.

Below is the recently chart 'daily' showing the price moves building an upward trend.

1233215322_ArgoBlockchainPLC_20190907_22_40.png.5325f7bc8d0c986e7867d4fbf6441848.png

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Ok so Argo have released their interim results via RNS to the market this morning.

Argo Blockchain PLC

Interim Results

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/interim-results/201909170700054625M/

The share price is actually lower after the RNS than what it was on my previous post over a week ago. This is typical AIM for you. Profits are taken prior to the results being released.

The figures are miniscule. If the price begins to rise in the next couple of months then it may be a combination of speculative money and anticipation of far better revenue and profit growth for the months ahead. The price action will tell us what the market expects six months into the future.

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Another RNS released by Argo. The news is really flowing out of this company. They are really going for it. However, whether this will be successful or end up a failure, time will tell. 

Argo Blockchain PLC

New Mining Hardware Installed and Operational

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/new-mining-hardware-installed-and-operational/201909190700138786M/

 

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Argo Blockchain PLC

Revenues Increase 75% in Third Quarter

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/revenues-increase-75--in-third-quarter/201910080700020507P/

The price action is not currently supporting the news flow. Now it could be that the news flow is a bit of 'noise' and a smokescreen.

270690870_ArgoBlockchainPLC_20191009_07_02.png.46cd20a6d476ba6b9ba6039e53eb2eb4.png

It does seem to be making a series of 'higher highs' and 'higher lows' but unless it consolidates and continues its upward movement then I do fear potentially more downside. Bitcoin's price will be critical to the fortunes of this companies share price.

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It seems Argo are beginning to make some moves prior to any potential rise in Bitcoin before the halving event in May 2020.

They released the following RNS to the market this morning around 7:00 am.

Argo Blockchain PLC

Mining Capacity to Increase by 240%

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/mining-capacity-to-increase-by-240-/201910300700035466R/

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Argo Blockchain PLC

7,000 mining machines now in production

https://www.investegate.co.uk/argo-blockchain-plc--arb-/rns/7-000-mining-machines-now-in-production/201911110700048712S/

This company's share price is closely related to Bitcoin's price. If Bitcoin goes up then Argo will go up. If Bitcoin goes down then Argo will go down. 

If you look at Argo's share price chart then it has similarities with Bitcoin's price chart. 

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