Argo Blockchain pleased with March performance in 'difficult' conditions
By Josh White
Date: Monday 06 Apr 2020
(Sharecast News) - Cryptocurrency miner Argo Blockchain updated the market on its operations in March on Monday, saying it mined 333.8 Bitcoin or Bitcoin equivalent during the month, down from 337.5 in February.
The London-listed firm said that took the total amount of BTC mined during the first three months of this year to 918 BTC, which was a record level for the company, and more than double the amount mined during the previous three months.
Based on daily foreign exchange rates and cryptocurrency prices during the month, the company generated mining revenue in March of ?1.8m, down from ?2.5m in February.
Argo said it generated that income at a mining margin of 42%, adding that it was continuing to consider its operations to be among the "most efficient" in the market.
Mining conditions were harder in March as algorithmic difficulty increased early in the month, with Bitcoin prices then seeing a sharp decline in the second week of the month.
Revenues generated in the first quarter of 2020 totalled ?6m, based on average currency rates for the period.
As it had previously announced, Argo's order of 1,000 'Bitmain Antminer S17+' machines remained on track.
The board said the new hardware was expected to be delivered and installed by the end of April, and would bring its total BTC mining capacity to around 730 PH, for an increase of around 10%.
Argo said its mining operations, which are in North America, had not been impacted by the Covid-19 coronavirus pandemic as yet, adding that its management and staff were working remotely, with all mining facilities running as normal.
"Despite challenging conditions the company continues to deliver some of the best mining margins in the industry," said chief executive officer Peter Wall.
"This reflects Argo's high-quality mining infrastructure and expertise."
At 1603 BST, shares in Argo Blockchain were up 7.95% at 3.94p.
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