The coronavirus caused a lot of issues for companies around the world, and crypto companies are not an exception. However, despite coronavirus crisis London Stock Exchange-listed crypto mining company Argo Blockchain broke its record.
According to the press release, in March the company had mined 338.8 Bitcoin. For example, in February, the crypto mining company was able to mine 337.5 Bitcoin.
Importantly, during the first three months, the company mined 918 Bitcoin. As stated above, Argo broke its record. Moreover, in the first three months of 2020, the company mined more than double compared with the last three months of 2019.
Crypto mining firm and its plans
Importantly, the company’s management, and staff, are working remotely and all mining facilities continue to operate without disruptions.
According to the CEO of Argo Blockchain, Peter Wall, the company has some of the best mining margins in the industry. Furthermore, the company continues to deliver the best mining margins despite tough conditions.
In March, Argo Blockchain generated a mining revenue of $2.22 million. Nevertheless, compared with February, revenue fell from $3.08 million to $2.22 million.
Let’s have a look at the revenue generated during the first three months of 2020. Argo Blockchain generated $7.67 million in revenue.
Crypto mining firm stated that its order of 1,000 Bitmain Antminer S17+ machines remains on track. Moreover, Argo Blockchain expects to install Bitmain Antminer S17+ machines by the end of this month.
As a result, Argo’s total Bitcoin mining capacity will increase to about 730 peta hashes. The mining company will be able to increase its total capacity by 10%.
Crypto companies such as Argo Blockchain have the potential to boost the global economy. Governments in the U.S., the U.K. and other parts of the world should help such companies to deal with problems, otherwise, it will be tough to overcome this crisis.
COMMENTS