Argo Blockchain may break even in the second quarter by purchasing more mining machines

Argo Blockchain, a cryptocurrency company listed on the London Stock Exchange, has released its latest operational guidance to investors today.

To further expand its assets, Argo said it has purchased an additional 1,000 mining machines from Chinese crypto mining hardware company Bitmain.

Argo noted in its statement that bitcoin prices had risen 15% since it decided to buy the machines, so previous estimates of the profitability of the new machines may have been lower.

The company said it expects to have 400 more bitcoins on its balance sheet by the end of the quarter. If the price remains constant by then, that would mean an additional $2.36 million in revenue for the company. If that happens, the company would be able to break even in the second quarter of this year.

That's good news for shareholders, as Argo's shares have fallen more than 75 percent since listing on the London Stock Exchange last August, currently trading at £3.35 a share.

Despite the cryptocurrency market crash in November last year, the company said it remains committed to the crypto asset market.