Argo Reports Record Q1 Bitcoin Mining Figures

The company will install another 1,000 Antminer S17+ machines by the end of this month.

Argo Blockchain, a United Kingdom-based crypto mining company, reported on Monday that it mined 918 Bitcoins in the first quarter of 2020, despite the struggles with the ongoing COVID-19 outbreak.

The reported figures are more than double the total mined Bitcoin numbers posted in the previous quarter.

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The London Stock Exchange-listed company detailed that it mined 333.8 Bitcoins in March and 337.5 Bitcoins in February. With this, the company generated a total of £1.8 million (around $2.21 million) in March while in the previous month generated £2.5 million (almost $2.07 million), based on the market price of the digital currency.

This was generated on an overall mining margin of 42 percent.

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The numbers also took a hit with the recent drop in the prices of Bitcoin due to the concerns related to the COVID-19 outbreak.

Mentioning the impressive figures, Peter Wall, chief executive officer at Argo, said: “Despite challenging conditions the company continues to deliver some of the best mining margins in the industry. This reflects Argo’s high-quality mining infrastructure and expertise.”

The release also outlined that the total revenue for the company in the first quarter of this year stood at £6 million (around $7.67 million) based on average currency rates for the period.

Flourishing crypto mining industry

Meanwhile, the London-based company also detailed that it procured 1,000 Bitmain Antminer S17+ machines, which are going to be operational by the end of April. With the installation of the new devices, Argo’s Bitcoin mining capacity will be increased by 10 percent, generating around 730 PH.

Hut 8, a Canadian mining company, recently reported a 66 percent jump in its crypto mining revenue for 2019 – the total figure stood at $58 million.

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