Argo Reports Record Q1 Bitcoin Mining Figures

Argo Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, 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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term numbers posted in the previous quarter.

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.

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.