Monday, January 17, 2022

Argo Blockchain mines record 597 BTC during Q3 2021

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Cryptocurrency mining agency Argo Blockchain has simply launched its Q3 monetary report detailing record-setting revenues for the interval.

The London-headquartered firm reported that it had mined 597 Bitcoin (BTC) and “BTC equivalents” throughout the third quarter of 2021. At present costs, Argo’s Bitcoin haul can be value roughly $36.5 million.

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As of Saturday, the agency had amassed holdings of 1,836 BTC (roughly $113 million at present costs).

Argo additionally reported a gross margin of 120% and a mining web margin of 85%, estimating it value the agency simply $6,293 to mine every Bitcoin on common. Total, the agency generated report income of $26 million and pocketed $17.3 million in web earnings.

For the 9 months ending on Saturday, the agency’s income and web revenue had been $67.9 million and $27.1 million, respectively. Within the first half of 2021, Argo reported a income of $42.3 million.

CEO Peter Wall attributed the worthwhile interval to progress from its Helios facility in Texas and Sept. 23 initial public offering on the Nasdaq, stating:

“From breaking floor on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public itemizing on Nasdaq in the USA, this quarter has been pivotal as Argo continues to scale.”

In March, Argo purchased a 320-acre plot of land in Texas to develop its mining operations and supply it with 200 megawatts of renewable power. In August, the corporate claimed that its crypto operations had become “climate positive” for plenty of greenhouse fuel emission classes.

Associated: Industrial Bitcoin mining breathes new life into tiny Texan town

On Saturday, the corporate entered into a purchase order settlement for 20,000 Bitmain Antminer S19J Professional machines for the brand new facility. Supply is predicted within the second quarter of 2022, and the brand new {hardware} will improve Argo’s whole hash charge capability to round 3.7 exahashes per second (EH/s), up from 1.07 EH/s on the finish of Q3, 2021.

On Sept. 10, Cointelegraph reported that Argo had secured a $25-million Bitcoin-backed loan from enterprise agency Galaxy Digital. This follows an analogous BTC-backed mortgage for $20 million it secured in June. The funds can be used to additional develop its Texas facility.