Argo Blockchain is mining the crypto vein of proactive investors

Proactive Investors –

The boards consider Argo to be one of the most efficient miners in the sector and well positioned to capitalize on the rise in the price of

Peter Wall, Managing Director

What it does

Argo Blockchain PLC (LON:) is listed on the main board of the LSE and focuses on cryptocurrency mining.

Crypto mining is the process of using powerful computers to solve complex mathematical equations and validate transactions on a decentralized ledger system known as a blockchain.

These transaction blocks, when completed, reward the miner with cryptocurrency such as Bitcoin for their efforts.

Argo uses large banks of computers to mine large amounts of cryptocurrency which can then be sold for fiat money.

How are you

In February 2021, Argo reported that they mined 129 Bitcoin (or equivalent) in February, up from 93 in January.

Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in February was £4.34 million, compared to January’s £2.48 million.

At the end of February, the company had 599 Bitcoin + Bitcoin equivalents.

The company’s total mining capacity is 1075 petahashes (a quadrillion hashes per second, with a hash being a number-crunching algorithm that generates an alphanumeric string).

In November 2020, Argo reported higher revenues and wider mining margins, with the firm highlighting “extremely exciting” developments over the period in the cryptocurrency sector.

In an update, the digital currency miner reported an average monthly mining margin of around 57% for November compared to 40% in October, while revenue generated for the period rose to £1.48m from £1.2m.

Inflection points

• Expand mining capacity
• Rising price of Bitcoin and other cryptocurrencies
• Blockchain and crypto adoption could push prices even higher

What the boss says: CEO Peter Wall

“This has been an extremely exciting month for cryptocurrency miners. We have seen the value of Bitcoin rise exponentially to over £14,000 as investors and payment service providers turn their interest to cryptocurrencies.”

“At Argo, we continue to prioritize efficiency in our mining operations and this has enabled us to increase our revenue by 23% this month and achieve our highest mining margin since the halving earlier this year.”

Read more at Proactive Investors UK

Disclaimer