ARGO’s Mining Revenue Increased 15% After Adding Capacity

ARGO’s mining revenue increased by 15% in November as it mined 185 BTC bringing its 2021 total to 1831 as it added more capacity to its blockchain as we are reading more in today’s blockchain news.

ARGO’s mining revenue increased about 15% to $11 million back in November as it increased its mining capacity. The London-based company mined 185 BTC or BTC equivalent up from 167 in October with a total production for 2021 is 1831 the company announced. The mining capacity grew by 310 petahash per second to 160 exahash per second as of the end of November. Argo Blockchain is the only crypto miner listed on the London Stock Exchange as it started trading on the Nasdaq Global market in September and the London shares were trading about 5% higher at publication time.

Mining Expansion

As of the end of November, Argo added an additional 310 PH/s to its total capacity, bringing the Company's total mining capacity to 1.605 EH/s.

CEO @PeterGWall said: “Execute. Build. Smart Growth. Onwards and Upwards”.#ARB $ARBK

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— Argo (@ArgoBlockchain) December 7, 2021

Argo Blockchain as the London-based BTC miner which started trading on Nasdaq achieved a record revenue of $26 million in the third quarter as per the earnings reports. The miner had a record EBITDA of $26 million for the third quarter and a gross margin of 120%. in the meantime, the mining margin reached 85% during the quarter and the company said it had a gross margin of 145% and a mining margin of 86% during August.

The company holds about 1836 as of September 30 and a hashrate of 1.
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075 exahashes per second so ARGO mined 597 BTC during the quarter. Argo expects its purchase of 20,000 Bitmain Antiminer machines to be delivered in the second quarter of 2022 which will bring the company’s total hashrate capacity to about 3.7 EH/s. CEO Peter Wall said:

“I am proud of the growth we experienced during the quarter and believe Argo is strategically positioned to continue this momentum as we build out our Helios facility in Texas.”

Five Wall Street companies including Barclays and Jefferies started research coverage of Argo Blockchain will purchase ratings and all of them expect the company’s Texas crypto mining facility to be the main catalyst for the shares to move higher. Argo Blockchain is the only miner that was listed on the London Stock Exchange and its American depository shares that started trading on Nasdaq Global Market back in September.

Argo Blockchain PLC is a UK-based company that focuses on mining with three operational facilities in Canada that are set up to mine BTC and Zcash. The company acquired a 320-acre plot of land in Texas which will use to expand its mining operations with an additional 200-megawatts of electrical power that are derived from renewable energy sources only. Peter Wall who is the Chief Executive of Argo said that making BTC more green is a huge priority and urged other companies to follow suit.