Argo Blockchain, a United Kingdom-based cryptocurrency mining company, has reported a 1,000 percent spike in its revenue for 2019 with £8.62 million ($10.78 million).
The company recorded £760,000 (around $950,000) in revenue for the previous year.
According to the company, it mined around 1,330 Bitcoin (BTC) over the course of the year.
“Despite challenging trading conditions in 2019 we have successfully executed a strategic transition from a consumer-facing business to emerge as a significant cryptocurrency miner listed on a leading international exchange,” Peter Wal, CEO of Argo Blockchain, said in a statement.
Increasing capacity with shrinking mining rewards
Interestingly, the Bitcoin mining company has significantly increased its capacity over the last few months.
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By the end of 2019, Agro operated with a total of 7,000 Bitcoin miners, but in the next few months, it ramped up its mining capacity by adding another 1000 Bitmain Antminers to its fleet.
This came ahead of the upcoming Bitcoin network halving which will reduce the mining reward from 12.5 BTC for each block creation to 6.25 BTC. Though this might push the value of Bitcoin upward, many are saying that the halving will end the existing small miners.
Meanwhile, Agro earlier reported that in the first quarter of 2020 alone, it mined 918 Bitcoins with an overall mining margin of 42 percent.
Another Canadian Bitcoin mining giant – Hut 8 – reported total revenue of $58 million for 2019 – a jump of 62 percent from the previous year.
“Having completed a major expansion of our mining infrastructure Argo is on track to deliver strong growth in the first half compared with the corresponding period last year. We entered 2020 with considerable business momentum and an efficient mining platform which puts us in a favorable competitive position to navigate the evolving and dynamic cryptocurrency ecosystem,” Wal added.