As an analyst with extensive experience in the cryptocurrency market and a keen eye for political trends, I find myself intrigued by the surge in Argo Blockchain’s shares following Donald Trump’s projected victory in the 2024 US Presidential Election.
Following the projection that Donald Trump would win the 2024 U.S. Presidential Election, shares of crypto mining company, Argo Blockchain, experienced a surge of approximately 14%.
According to information from the London Stock Exchange, the shares of Argo Blockchain surged by over 14%, reaching 10.75 British Pounds (GBX), on November 6th following the projection that Republican nominee Donald Trump would become the U.S. President.
After experiencing a dip in early November, Argo’s stocks managed to bounce back. They had previously peaked at 11.00 GBX on October 29th. As of now, the crypto mining company has a market capitalization of approximately £59.96 million and a trading volume of about 2,436,448 units. Additionally, Argo Blockchain’s shares on the Nasdaq stock exchange also saw an increase of over 5%, reaching $1.19 on November 6th, according to Google Finance.
At around 2:30 AM Eastern Standard Time on November 6, Donald Trump announced his victory over Democratic nominee Kamala Harris, according to initial quick count results from AP News. As of now, Trump has amassed 267 out of the required 270 electoral votes for a win, and he holds a leading position in crucial states yet to be decided, such as Pennsylvania, Michigan, and Wisconsin.
As a crypto investor, I’m excited about the prospect of a Trump presidency, as many in our community view it as a significant victory. While both presidential candidates have pro-crypto agendas, Trump has been particularly outspoken about his backing of the cryptocurrency industry.
As an analyst, I can express it this way: I, as an observer, note that the individual in question has pledged to put an end to what he refers to as the “war on crypto” and instead foster advancements in Bitcoin (BTC) within the United States. Moreover, this person has expressed a desire to grant clemency to Ross Ulbricht, the founder of Silk Road who is currently serving a life sentence. Lastly, there are indications that he intends to remove Gary Gensler from his position as Chair of the Securities and Exchange Commission.
In June 2024, Trump expressed his desire for all remaining Bitcoin to be mined within U.S. borders, emphasizing the nation’s capability of leading the global energy market.
As a researcher, I’ve been delving into the latest updates from Argo Blockchain, and according to their October operation report, they successfully mined approximately 46 Bitcoins in total – that equates to about 1.5 BTC per day. This mining activity generated around $3 million in profits for them, marking a significant 36% jump compared to the previous month’s earnings.
The rise in mining revenue for the company is attributed to lower electricity expenses, which also indicates higher operational time and a more robust Bitcoin price per hash rate during October. By October 31st, 2024, Argo Blockchain owned an equivalent of two Bitcoins.
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2024-11-06 13:04