Wed, April 17, 2024

Crypto Mining Firm Argo Blockchain Broke Its Own Record

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Crypto mining is a lucrative business. On Monday, crypto mining firm Argo Blockchain published an operational update for March. According to the press release, last month the company had mined 338.8 Bitcoin.

In February, Argo was able to mine 337.5 Bitcoin. It is important to mention that, during the first three months of this year, the company mined 918 Bitcoin. As a result, Argo broke its record. Interestingly, in the first three months of 2020, the company mined more than double compared with the last three months of 2019.

Crypto mining and coronavirusBitcoin mining in 2020

It is important to take into account that despite coronavirus Argo’s mining operations in North America remain intact.

Based on the information provided by Argo Blockchain, the company’s management, as well as staff, are working remotely and all mining facilities operate without disruptions.

Peter Wall is the CEO of Argo Blockchain. According to Wall, the company has some of the best mining margins in the industry. Moreover, the company continues to deliver the best mining margins despite harsh conditions.

Importantly, last month mining company generated mining revenue of $2.22 million. However, in February, the company generated $3.08 million.

Crypto mining firm explained which factors affected mining revenue in March and why it fell compared with February. Based on the information provided by Argo, the company attributes the slight decrease in revenue month-on-month to the algorithmic increase in mining Bitcoin in March.

Another factor is Bitcoin’s steep decline in value during the second week of March.

During the first three months of 2020, the crypto mining company generated $7.67 million in revenue. London Stock Exchange-listed mining firm revealed that its order of 1,000 Bitmain Antminer S17+ machines remains on track. Also, the company expects to install Bitmain Antminer S17+ machines by the end of April.

Thanks to new crypto miners, Argo’s total Bitcoin mining capacity will increase to about 730 peta hashes. Thus, the company will be able to increase its total capacity by 10%.

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