Argo Blockchain PLC Announces Sale of Mirabel Quebec Data Center for $6.1M, Mining Revenue in February 2024 Amounted to $4.5M, Down by 15% MoM
Portfolio Pulse from Benzinga Newsdesk
Argo Blockchain PLC (ARBK) announced the sale of its Mirabel Quebec Data Center for $6.1M and reported a 15% decrease in mining revenue for February 2024 to $4.5M, attributed to a 21% reduction in daily Bitcoin production due to maintenance-related outages and a 5% increase in average network difficulty.
March 05, 2024 | 7:08 am
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Argo Blockchain PLC announced the sale of its data center for $6.1M and a decrease in mining revenue by 15% to $4.5M in February 2024, due to operational challenges.
The sale of the Mirabel Quebec Data Center could provide ARBK with additional liquidity, potentially offsetting the negative impact of the decreased mining revenue for February 2024. The operational challenges leading to a 15% revenue drop are significant but are likely to be viewed as temporary by investors, given the completion of maintenance and resumption of normal operations. The mixed nature of these developments suggests a neutral short-term impact on ARBK's stock price.
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