Venezuela broken volume bitcoin’s sales records and its price growed up

Venezuela’s volume amounted $130 billion while USA’s was $ 11 million and China’s was $ 72 million
01 December 2017   1812

The rapid growth of bitcoin over the past week has caused a lot of speculation about the reasons that caused it. One option is the massive demand for bitcoin in Venezuela. Its volume amounted to $130 billion. In comparison with this volume, the other two highest results are frankly small: $ 6 billion in Iran and $ 4.2 billion in Colombia.

There are other hypotheses. For example, there is a version that large investors decided to invest some of their funds in cryptocurrencies as an experiment. After all, the growth of bitcoin began not yesterday, but at the end of the year many investors assess the profitability of their investments. If large financial players invest in bitcoins, this increases confidence and demand for it.

Another reason may be a general increase in the activity of buying or exchanging bitcoins or other cryptocurrencies. Here again the principle works: the greater the demand, the higher the supply. According to this version, the whole thing is in the hype around bitcoin.

There is another version that is relevant, rather, for the US market: some analysts say that the interest and demand for bitcoins and the cryptocurrency market led to Thanksgiving and a holiday weekend, as families gathered and discussed the most important developments and technologies, including bitcoin.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   225

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.