Bitcoin miner Argo Blockchain reported Thursday that revenue climbed 23% to £1.48 million ($1.98 million) in November compared to £1.2 million ($1.6 million) the previous month.
Argo Reports 23% Monthly Revenue Increase, With 2,369 Bitcoin Mined Since January
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● The London Stock Exchange-listed firm mined less bitcoin ( BTC) in November (115 BTC) than it did in October (126 BTC) “due to changes in mining difficulty”, but bitcoin’s surging prices helped push revenue higher.
● The price of bitcoin soared more than 50% last month to a new all-time high of $19,864 reached on Nov. 30.
● Altogether, Argo has extracted a total of 2,369 BTC year-to-date, worth around $45.7 million at existing prices. As at the end of November, the company held the equivalent of 178 bitcoins in reserve.
● Peter Wall, chief executive officer of Argo, said mining margin averaged 57% for the month in review, up from 40% in October.
● “We are continuing to prioritize efficiency in our mining operations and this has enabled us to increase our revenue by 23% last month [November] and achieve our highest mining margin since the halving earlier this year,” he said, in a monthly update shared with news. Bitcoin.com.
● London-based Argo operates 16,000 bitcoin mining rigs located throughout North America, with a capacity of 645 petahash per second (PH/s) in bitcoin mining hashrate. The company also mines privacy coin zcash (ZEC) and claims to operate 5% of the global ZEC hashpower total.
● Shares of Argo Blockchain are down 1.4% to £10.94 ($14.65) in London trading on Thursday afternoon.
What do you think about Argo’s improving revenue versus declining bitcoin production? Let us know in the comments section below.
