(BlockBar) Argo Blockchain, a London-based cryptocurrency mining firm has significantly upgraded its 2019 second quarter forecast. The firm reportedly spiked 20% to 6.29 pence (around $0.08) during morning trading hours today. The firm has a market capitalization of £18 million (around $22.8 million), as reported. The news was reported by Alliance finance and stock market news agency for London South East on June 3.
The first forecast for Q2 2019 had been published on May 8. But according to the reports, the firm stated that the trading climate has been “significantly better than expected,” making a revision necessary.
The firm also revealed that it expects to generate 420 bitcoin (BTC) worth of crypto assets by the end of Q2 2019. To be noted, based on bitcoin’s May 31 price of $8,575, this equates to roughly $3.6 million. According to the reports, the new estimate is 57% higher than Argo’s initial forecast.
On the basis of bitcoin’s same valuation, Argo has also stated it expects to generate around £685,000 ($866,261) in crypto assets in May which is 37% above prior guidance. Cash operating costs for May have been retained at previous estimates, at £280,000 ($354,110).
The firm also reported the delivery of its new crypto mining gear one month ahead of schedule. It has reportedly ordered a batch of new mining hardware at a cost of £2.9 million ($3.6 million), for production in Q2 and Q3 2019.
Argo executive chair Mike Edwards said in a statement: “as market conditions strengthen we will not only comfortably beat our original expectations but also position Argo for long term growth.”
It is worth noting that after raising around $32 million for a total valuation of about $61 million, in August 2018, Argo became the first crypto company to join the London Stock Exchange (LSE).
According to the company’s annual report, it had registered a pre-tax loss of £4.1 million ($5.3 million) as of the end of 2018.Tp be noted, in February of this year, Argo announced it would terminate its mining-as-a-service operations by April, focusing solely on direct mining.