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Argo Blockchain Expecting Positive Results in Q1 Earnings Report

1 June 2023
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Several companies in the crypto market have seen an uptrend after their earnings release. Crypto mining company stocks are no different. Argo Blockchain (NASDAQ: ARBK), a Bitcoin (BTC) mining and tech-focused company, recently announced in a press release that they will release their Q1 2023 earnings report on June 6th.

Previous Earnings Went Downhill

ARBK missed EPS by a whopping 923% in the last quarter. They estimated their earnings at $0.502 a share in contrast to the final reveal at ($4.135). However, they expect $0.63 EPS in their upcoming report. Other mining stocks including Hut 8 Mining Corp (NASDAQ: HUT) and Marathon Digital Holdings (NASDAQ: MARA) gained around 3%, meanwhile Riot Blockchain (NASDAQ: RIOT) surged 10%.

Moreover, HUT 8 beat their latest earnings by 406% and Marathon Digital by 41%. However, Riot Blockchain missed EPS by 129%. The gain is potentially due to a potential halt of Texas State Bill 1751 in the House of Representatives. The law, if implemented, would become a challenge for crypto miners as it might restrict their participation in the cost-saving grid program.

ARBK Stock Price Analysis

Williams Alligator is currently moving with a mouth open downtrend, however, it appears to be closing. If the lips cross above the jaw, a positive movement may appear. ARBK stock has sustained its momentum between $1.25 and $1.1 while changing hands at $1.2 at the time of writing.

The Gann box shows that the price is moving between 0.618 and 0.75 with resistance and support near the aforementioned levels. Average true range fell sharply, indicating less probability of a trend. Chop zone supports the scenario as the indicator highlights as ARBK stock lost its strength during April 2023.

Crypto mining is becoming difficult, not just due to halving events, but because of increasing regulatory pressure on the sector globally. A study shows that mining is potentially harmful to the environment due to heavy carbon emissions. Governments are taking initiatives to contain possible risks associated with mining. Bitcoin is by far the most preferred digital asset to mine by crypto miners.

Ethereum (ETH), the second largest crypto asset by market cap, shifted their consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) last year. The idea was to eliminate carbon emissions to become an environmentally viable blockchain. The event was titled ‘The Merge’ and is reported to have reduced greenhouse gas emissions by over 99%.

Tether, issuer of USDT stablecoin, announced their plans to operate in Uruguay for Bitcoin mining. The country generates 94% of their electricity using renewable resources. In March 2022, the Biden administration released an executive order to assess risks and benefits associated with crypto assets. Moreover, the US plans to go carbon neutral by 2050 which may become challenging for crypto miners to operate in the US.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.

Anurag

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