3 years ago
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Argo Blockchain (ARGO), the mining institution that diversified into Web 3 done its Argo Lab subsidiary earlier this year, said connected Wednesday it had a involvement successful UST that wasn’t worldly and was capable to “nearly break-even” connected its presumption during the UST/Terra meltdown.
“We weren’t ace heavy invested successful the Terra ecosystem,” said Argo’s CEO Peter Wall during the company’s first-quarter net league call. “We did person immoderate UST, we were participating successful output procreation connected the Anchor protocol,” helium added.
Argo was 1 of the archetypal publically traded crypto mining companies to signifier a non-mining concern portion called “Argo Labs.” The subsidiary was created successful January with a extremity of diversifying Argo’s concern and taking vantage of different opportunities successful the blockchain ecosystem. Currently, Argo Lab’s investments see Polkadot (DOT), ether (ETH) and Solana (SOL), according to the company’s first-quarter presentation.
Argo was capable to merchantability its UST positions astatine 93 cents per token earlier the terms afloat collapsed, according to Wall. Most recently, UST was inactive trading astir 10 cents according to CoinDesk’s terms index. “Looking backmost [selling astatine that level] was a precise bully determination fixed past clip I checked it was trading astir 12 cents,” Wall said during the call. “Overall, connected a nett basis, successful the Terra ecosystem, we astir broke adjacent connected our positions, aft taking into information the output that we generated done our holdings,” helium added.
Last week, Terra’s LUNA tokens fell 99.7% arsenic its U.S. dollar-pegged algorithmic stablecoin terraUSD (UST) mislaid its peg and dropped to nether 10 cents, causing an outflow successful funds from the Terra ecosystem and declining sentiment for the task among the crypto community.
The illness of the Terra ecosystem has taken a toll connected galore large-scale arsenic good arsenic retail investors. On societal media and connection boards, erstwhile LUNA backers person reported huge losses, despair and hopelessness.
Argo Blockchain reported its archetypal 4th earnings connected Wednesday, successful which its nett income tumbled but gross roseate year-over-year, and it reiterated its hashrate guidance of 5.5 exahash per 2nd (EH/s) by the extremity of 2022. The shares of the miner traded down astir 4% successful the U.S. connected Wednesday, keeping gait with that of different publicly-traded crypto miners.
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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