Argo’s Bitcoin Mining Revenue Jumps 10x In 2019, Operations Ramping Up For 2020
It has been reported that Argo Blockchain’s Bitcoin (BTC) mining form took 10 times more revenue in 2019 than it did in 2018.
The announcement was made at a London Stock Exchange press release from Monday. Argo said it had generated £8.5 million (which is a bit over $11 million) revenue for the first year of its operations in 2019, which much more than the 2018’s £760,000 ($985,720) revenue. The company was listed on the London Stock Exchange’s main Market in August 2018. For now, its figures haven’t been audited, but will be in April of this year.
432 BTC in the Fourth Quarter of 2019
It’s also mentioned in the announcement that Argo mined no less than 432 BTC in the fourth quarter of 2019, which is more than the 426 BTC mined in the third quarter of the same year. However, the fourth quarter also had a drop to £2.66 million in revenue from the third quarter, when the revenue was £3.63 million. This is how the company explained the change in figures:
“The lower quarterly revenue is attributable to a drop in cryptocurrency prices, increased mining difficulty, and unfavorable foreign exchange rates towards the end of the year.”
Peter Wall, the CEO at Argo had this to say too:
“Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.”
Argo is Continuing to Increase Its Mining Capacity
Currently, Argo has 13,364 mining devices, with 6,375 Bitmain Antminer T17s functioning since January 1. The company said that it wants another 3,625 T17s working before the quarter ends. Looking at its estimations, it’s expected for the power its 17,000 miners are bringing to the BTC network to reach more than 650 petahashes, which is a lot when compared to the present one of 380 petahashes. After the announcement, Argo had its stock price rising by 3.55% and reaching £7.30.