Expansion in February
Argo Reports 23% Monthly Revenue Increase, With 2,369 Bitcoin Mined Since January
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.
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.