Cryptocurrency miners have been heavily criticised for their environmental impact due to high energy consumption. But the latest Argo Blockchain news could go some way to addressing that. 

Following criticism from environmentalists and politicians, cryptocurrency miners, particularly Bitcoin (BTC) miners, are turning to renewable energy sources. 

These include solar energy, wind, and hydroelectric power. Green Bitcoin mining now has a standard to abide by - non-profit organisation (NGO) Energy Web has launched a project called Green Proofs of Bitcoin (GP4BTC). This project will serve as a "certification layer", registering BTC miners as sustainable based on two metrics. 

The latest [Argo Blockchain new](https://www.coindesk.com/business/2023/05/24/non-profit-organization-energy-web-starts-sustainability-registry-for-bitcoin-miners/)s is promising - Argo Blockchain was one of five BTC miners certified as sustainable at the launch of GP4BTC in May 2023. 

## What is Argo Blockchain? 

[Argo Blockchain](https://argoblockchain.com/) is one of the world's leading cryptocurrency miners, promoting the use of renewable energy sources. Argo Blockchain mines cryptocurrencies at state-of-the-art facilities in Texas and Quebec. Here is an overview of its crypto-mining facilities. 

### Baie Comeau 

The Baie Comeau facility is spread over 40,000 square feet and operates around 15 MW of 100% hydroelectric power. The 100% renewable crypto miner is one of three crypto mining facilities operated by Argo Blockchain (Argo Blockchain owns only two facilities, more on this later). 

### Mirabel 

The Mirabel facility was Argo Blockchain's first large-scale crypto mining centre. While the smallest of the three facilities at Argo Blockchain (30,000 square feet), Mirabel is home to several operations, including cleaning and repair and server hosting for Proof of Stake (PoS) mining. 

The facility operates around 5 MW of 100% renewable hydroelectric power. 

### Helios 

The Helios facility is spread over an enormous 125,000 square feet. The facility uses immersion-cooling technology to power a whopping 180 MW of energy. 

It began mining operations in May 2022 and is still a part of the Argo Blockchain mining stack despite being sold to Galaxy Digital Holdings, Ltd. in December of that year for $65M. 

While Galaxy Digital Holdings, Ltd. owns the Helios facility, Argo Blockchain remains the owner of all crypto mining machines and will continue to host machines at the centre. The sale was a strategic move to reduce debt by $41M and improve liquidity position. 

## Argo Blockchain's mining influence 

To summarise the global mining influence of Argo Blockchain, here are some interesting statistics: 

- With an SHA-256 hashrate of 2.6 EH/s, the cryptocurrency miner is among the top tier of global crypto miners. To put it into perspective, this figure is equivalent to 0.7% of the world’s BTC mining network hashrate! 
- Equihash is the algorithm that is used to mine ZCash (ZEC). With an Equihash rate of 280 MS, the cryptocurrency miner produces approximately 5% of the world’s ZCash hash power! 

## Argo Blockchain news: Certified sustainable Bitcoin miner 

Now that we have seen that the crypto miner's operation is based on renewable sources of power, in particular 100% renewable hydroelectric energy, it is of no surprise that GP4BTC certified Argo Blockchain as a sustainable Bitcoin miner. 

The two metrics upon which this certification is based include participation in demand response programmes and acquisitions of renewable energy credits (RECs). This is just the beginning. The programme may be iterated soon to include the consumption of waste gas as a third metric for certification. 

While registration is free currently, a fee may be introduced with time. This fee may be for miners seeking certification or users looking for sustainable energy consumption details for crypto mining. 

According to Amy Westervelt, Senior Delivery Lead and Head of GP4BTC: 

“As of today, we're just starting with something that's very aligned with how other corporations are allowed to make renewable energy purchase claims.” 

Clearly, this project is a step forward in ensuring the consistent growth of the blockchain sphere. Follow the latest [Argo blockchain](https://argoblockchain.com/resources/in-the-news) news. 

Argo Blockchain news: certified green BTC miner

[Argo block chain](https://argoblockchain.com/), a global data centre headquartered in London, UK, has created a powerful platform for efficient cryptocurrency mining operations. 

The company tags itself as providing a platform that powers some of the world’s blockchain technologies.  

Unlike other companies, Argo uses renewable energy sources to help blockchain technology's growth and development. 

Despite competition from other crypto mining companies such as [Marathon Digital Holding](/news/article/marathon-digital-sustainable-mining), Riot Blockchain, Hut 8 Mining Corporation, Bitmain, Canaan Inc., Bitfarms Limited, and Genesis Mining, among others, the company is responsible for about 1% of the global mining network hash rate of the largest digital asset by market capitalization [Bitcoin ](/news/article/bitcoin-rally-sees-gain-this-week)(BTC).

It also provides around 5% of the global hash power for the mining of privacy cryptocurrency ZCash (ZEC).   

## Argo block chain saw a 3% spike in revenue during April 

Revenue from mining BTC was [£3.35 million](https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_5c3fdee5-f6b9-4c46-a594-0ed55ee1215e) during the year's fourth month. This was a 3% rise in revenues from March, which was roughly £3.28 million. 

The increment came from BTC trading in the range of £21,743.58 and £24,904.02 during April while exchanging hands in the range of £15,765.91 and £23,421.52 throughout March.  

Overall, 144 BTC were mined, which was broken down to 4.8 BTC daily. While this was 8% below that of March (5.2 BTC daily), the aforementioned data explains why revenue went up despite a relatively lower number of mined BTC.  

The bearish mood engulfing the market has reduced the number of cryptocurrencies held by mining firms. Argo has not been exempted from the extension of crypto winter into 2023. As of the close of April 2023, 83 BTCs were held by the company. 

## What’s the latest on the mining company?  

According to the company’s operational update, there would be an increment in its hash rate. As of 30 April, the hash rate (this helps discover the mining difficulty and security) of a blockchain network) was 2.5 exahashes per second (EH/s).  

About 2,870 BlockMiner machines from Epic Blockchain Technologies are expected to be installed in the third quarter of the year. 

This will add 0.3 exahashes per second to the hash rate capacity of the company, increasing the overall hash rate capacity to 2.8 EH/s (2.5 + 0.3). 

argo blockchain logo on blue iamge of skyscrapers in the metaverse

What is Argo Block Chain and How Does It Work? 

## Wells Fargo: Bear market rally ends

Chris Harvey of Wells Fargo & Co has declared the end of[ the bear market rally](https://www.marketwatch.com/story/a-different-animal-the-bear-market-is-over-but-that-doesnt-unleash-bulls-to-send-stocks-on-a-2023-tear-according-to-wells-fargo-9e7fb65a) that wiped out up to $12 trillion in US equity values. 

According to the equity analyst, the recent pullback in investment-grade corporate bond yields does not align with the prevailing fear that the S&P 500 will renew a selloff and reach its October lows. Additionally, healthy balance sheets at the corporate and consumer levels indicate a subdued level of systemic risk, indicating that the catalyst for an extended market downturn is largely absent.
Harvey predicts that downtrends often end with sharp tightenings and healthy issuance, similar to what we have experienced over the past few months.

In a note on Monday, he stated that when downtrends progress to the "next level," we typically see spreads widen, not tighten, as we have observed today. He further supports this view on systemic risk by pointing to IG spreads.

## Wells Fargo report declares bear market rally ends

In a recent research note, Wells Fargo, America's fourth-largest bank, announced that the downtrend is over, but there is no uptrend in store. The report acknowledged a [new market trend](/news/article/bull-and-bear-markets) that is not explicitly bullish but indicates that the bear market is behind us.

![wells fargo chart of cryptocurrency market](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/wells_Fargo_382710a917.webp)

  
"The [bear market](/news/article/crypto-bear-market-survival) is over, but it is not the great regulation," stated Harvey, adding he sees neither a bear nor a bull market, "just a market". While investors may expect a sharp reversal, the report predicts a "giveback" that is not likely to be immediate.

Wells Fargo's current analysis suggests that mid-cap growth stocks present the best risk/reward potential. The report recommends pharmaceutical equities as a preferred defensive play.
Furthermore, the S&P 500 has increased by 7% in 2023, rising to nearly 4,092 in Monday trading. This number is close to Wells Fargo's S&P 500 price target of 4,200 for the year.



blue image of bears and bitcoins on rally track

Bear Market Rally Over Says Wells Fargo 

An imminent closure is looming for [Argo blockchain](/news/article/argo-blockchain-stock) as multi-million funding has been called off. It is a Bitcoin mining services firm which is listed on NASDAQ as well as London Stock Exchange. 

On 31 October 2022, the firm released an [official statement](https://www.londonstockexchange.com/news-article/ARB/strategy-company-ops-update/15693615) in which it revealed to its stakeholders that fundraising of £24 million, which is approximately $27 million, has been cancelled. It stated that “the Company no longer believes this subscription will be consummated.”

## No assurance of a definitive deal from Argo Blockchain

It has shared that it will explore other options to secure financing. However, it does not give any assurance for definitive deals. Nonetheless, it will strive to raise enough for the following year. 

It also revealed that if it failed to secure sufficient funds, it may “become negative cash flow.” If that happens, then the firm might have to curtail its operations or move towards complete closure. 

## What steps has Argo blockchain taken to optimise liquidity?

[Argo blockchain](https://argoblockchain.com/) is taking several steps to preserve cash and increase liquidity. It has sold around 3,843 new Bitmain S19J Pro machines for around £4.8 million ($5.6 million). It was the last batch from the original Bitmain order and was planned to be installed in October 2022. Currently, the company is maintaining a hash rate capacity of 2.5 EH per second. 

Earlier, the miner firm sold out mined [BTCs](/coins/btc) to pay off its debt to the crypto investment company Galaxy Digital. The company is owned by a well-known American investor Michael Novogratz. 

In June, the firm traded around 637 Bitcoins; in July, the total number of Bitcoins sold was 887. With this move, it became one of the Bitcoin [mining firms](/news/article/mining-company) to sell mined BTCs during the extremely bear market. Other firms that also sold mined tokens included Bitfarms, Riot Blockchain, and Core Scientific.



Argo Blockchain is at risk of closure

Last year wasn’t easy for [Argo Blockchain](https://argoblockchain.com/) stock. Even though today the price hovers around 73p, back in April 2021, the price was as high as 240p.
Also, if we’re looking at year-to-date results, we can see the price further followed a bearish cycle plunging by 18.11%.
Regardless, that kind of cycle would mean long-term profit for some investors in Argo Blockchain stock – if bought now.

## Mining Rates Concerns

However, let’s look back at what could be the main reason for the underperformance of Argo Blockchain stock.
First of all, there are particular worries regarding the mining rates drop. In February, 37 Bitcoin fewer were mined than in January. That represents a loss of £1.1 million in a month. Just two months before, in December 2021, there were 214 Bitcoins mined, meaning the price of electrical power spent was higher by more than one third.

In February, the [Bitcoin](/coins/btc) network Hash Rate reached a new record of 248.11m terahashes per second (TH/s). That requires high processing power within the Bitcoin network. It also ensures that the Bitcoin blockchain is completely secured and depends on miners who are building the same chain.

Due to the highest global hash rates ever, the company had to spend much more power to mine the same amount of Bitcoin.

According to some basic macroeconomic rules, when an interest rate rises, so do borrowing costs. At the same time, market demand for high-risk stocks, such as Argo Blockchain, falls.

Last month, the Bank of England raised the Bank Rate by 0.25 points, from 0.50% to 0.75%. It blamed the "tightness of the labor market", "robust domestic cost and price pressures", and "the risk that those pressures will persist".
Some analysts estimate the rate will grow by at least six times more this year, and, if that continues, the price of Argo Blockchain stock could drop even further.

## Long-Term Opportunities

According to the company’s report, Argo Blockchain is working on its upgrade of mining capacity. Texas is one of the most important mining hubs in the US, using renewable energy sources, such as wind, to mine. That is why some members of the US Congress think that Bitcoin mining will play a crucial role in rebuilding energy independence within the US.

The company confirmed it is currently working on a massive upgrade of its mining capacity in Texas and hopes to end it in October this year. According to Argo, the new power plant could supply the company with 200MW of extra power, 130% more than current levels.

Also, the price of Argo blockchain stock could reverse its downward spiral since the company recently revealed its new agreement with Core Scientific about swapping thousands of Bitcoin miners as part of Argo's pivot to operating its own crypto mining farms.

This should also ensure more environmentally-friendly mining operations, which could be positive for the company’s environmental, social, and governance reputation.


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