Argo blockchain news, price and statistics
Investment interest in Algorand is driven by its unique features. In this article we cover argo blockchain share news and price forecasts.
Argo Blockchain is a technology company specializing in large-scale cryptocurrency mining. Based in the United Kingdom, it operates with a primary focus on the mining of Bitcoin and other cryptocurrencies.
Argo Blockchain stands out for its commitment to operating in an eco-friendly manner, utilizing clean energy sources to power its mining operations.
This approach not only reduces the environmental impact commonly associated with cryptocurrency mining but also aligns with growing global trends towards sustainability in technology.
The company offers a platform that enables users to participate in mining through a subscription service, making it accessible to a broader range of individuals and entities.
By doing so, Argo Blockchain democratizes access to cryptocurrency mining, which typically requires significant technical expertise and investment in hardware.
They manage the technical aspects, allowing users to benefit from the mining activity without the associated complexities.
Let’s take a look at the latest Argo blockchain news.
Argo blockchain news
Argo Blockchain recently announced the departure of its former interim CEO and COO Seif El-Bakly, who left the company on January 5 to pursue other opportunities. El-Bakly had stepped in as interim CEO from February to November 2023, after the exit of former head Peter Wall.
During his tenure, the operations team reported to Argo CSO Sebastien Chalus, who will continue in this role. Argo’s shares on Nasdaq experienced an 8.6% drop to $3.36, reducing the company’s market cap to $183.7 million.
The company also completed a share placement, issuing 38 million shares and raising $9.9 million. These funds are earmarked for working capital, debt repayment, and other corporate purposes.
In December 2023, Argo mined 155 BTC, marking a 4% increase in daily Bitcoin production, attributed to higher transaction fees and greater operational efficiency, despite an increase in network difficulty.
Argo has appointed Chippas, a seasoned professional in financial services and digital assets, as the new CEO.
Chippas, former CEO of CBOE Digital and founder of ErisX, will receive up to 2.85 million units tied to the company’s American Depositary Shares, subject to performance goals and continuous employment.
This comes amid challenging times for Argo, including the false alarm about a Chapter 11 bankruptcy filing and the sale of its Helios mining facility, along with securing a $35 million loan from Galaxy Digital and raising $7.5 million in an oversubscribed share sale to manage debts.
Argo blockchain share price news
The price of Algorand has seen a decrease of 4.15% in the past 24 hours. As of now, one ALGO is valued at €0.17, with Algorand’s total circulating supply reaching 8,023,663,960 ALGO. This brings the current market capitalization of Algorand to approximately €1,369,519,083.
Looking at its yearly performance, Algorand’s value has dropped by 9.88%. In this period, the highest recorded price of ALGO was €0.27, while its lowest was €0.082.
In recent trading activity, a total of 9,652,307 ALGO, equivalent to €1,647,504, was traded on the Kraken exchange today.
And in 2025, the Algorand (ALGO) coin is predicted to be worth $0.183704. Looking forward, the price is expected to rise slightly each year, reaching $0.202534 by 2027. However, despite some optimism, Algorand is not anticipated to hit the $10 mark; predictions suggest a maximum price of $1 by the end of 2030.
Algorand’s all-time low was $0.087513, recorded on September 11, 2023. The cryptocurrency has a max supply cap of 10 billion ALGO, all minted at its genesis. Although all tokens were created at launch, the liquid supply will grow as pre-minted tokens are released and distributed.
Currently, Algorand’s market trend appears bearish in the short term, with its 50-day moving average sloping downwards. However, the 200-day moving average has been on an upward trend since early 2024, indicating a strong longer-term trend.
What’s so special about Argo blockchain
Investment interest in Algorand is driven by its unique features. It offers faster transaction processing compared to Bitcoin and other blockchains and operates as a permissionless proof-of-stake blockchain, which means it cannot be mined.
Algorand stands out as a secure, fast, and energy-efficient network capable of hosting DApps and various digital assets. Its Pure Proof of Stake (PPoS) chain is another defining aspect that sets it apart in the blockchain space.