Today, crypto miners are seeing mixed results. For investors in Argo Blockchain (NASDAQ:ARBK) and ARBK stock, it’s been a relatively calm day. Shares of this crypto-mining firm are currently flat at the time of writing.
That’s not to say there’s not a lot going on in the crypto-mining world. Various regulatory bans globally have impacted investors’ outlook on this sector. Perhaps the most concerning for those considering crypto-mining investments is the recent Chinese ban, which could hamper the overall hash rate of the sector.
For Argo Blockchain, a company focused on building its presence in the U.S., perhaps this is an opportunity. The company has been aggressively pursuing domestic mining capabilities. Accordingly, investors with concerns about the global geopolitical situation when it comes to crypto may view ARBK stock as a safer bet.
Today, Argo Blockchain made another step toward becoming a big player in this space. Let’s dive into the news that investors may want to watch right now.
Why Investors Should Keep an Eye on ARBK Stock
Today, Argo Blockchain announced the company has agreed to purchase 20,000 S19J Pro Bitmain Antminer machines. These machines should increase Argo’s exahash rate to 3.7, a near-doubling from current levels.
These machines are expected to be utilized in the company’s West Texas data center. For investors looking for domestic crypto-mining options, Argo Blockchain is certainly making a bold case. This investment appears to be a good use of capital for those who invested in the company’s recent initial public offering (IPO).
Indeed, the speed at which crypto miners ramp up production is among the most important factors investors assess. Argo Blockchain’s rapid ramp-up plans are bullish for those with positive expectations of where crypto prices are headed from here.
Of course, as with any crypto-related investment, a significant amount of risk is involved with such an investment. However, investors bullish on the crypto space may rightly view ARBK stock as an intriguing bet today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.