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Argo Blockchain PLC (LON:ARB) has reported increased revenues and wider margins in October from its cryptocurrency mining operations.
In a monthly update, the AIM-listed firm reported revenues of £1.2mln, up from £1.1mln in September, while its average monthly mining margin rose to 40% from 37%. The company also reported that it had mined 126 Bitcoin or Bitcoin equivalent (BTC) in October compared to 127 in the prior month, taking the total amount of BTC mined in the year-to-date to 2,254.
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At the end of the month, Argo said it held 137 BTC, while its mining capacity stood at 16,000 machines. The company added that it has worked closely with crypto mining hardware firm Bitmain to find a solution for its underperforming T17 Antminers, and has agreed to retire some of the machines.
“Argo has produced consistent mining revenue this month at a very healthy margin and continues to be one of the world’s most efficient publicly-listed cryptominers”, Argo chief executive Peter Wall said in a statement.
“We are delighted to have resolved the issues with some of our underperforming machines and Bitmain remains a valuable partner. Having successfully carried out a significant capital investment programme we are in pole position to benefit from improving industry conditions”, he added.
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