YOU MAY ALSO LIKE



Cryptocurrency mining agency Argo Blockchain has simply launched its Q3 monetary report detailing file setting revenues for the interval.

The London headquartered firm reported that it had mined 597 BTC and “BTC equivalents” throughout the third quarter of 2021. At present costs, Argo’s Bitcoin haul could be price roughly $36.5 million.

As of Sept. 30, the agency had amassed holdings of 1,836 BTC (roughly $113 million at present costs).

Argo additionally reported a gross margin of 120% and a mining internet margin of 85%, estimating it value the agency simply $6,293 to mine every Bitcoin on common. Total, the agency generated a file income of $26 million and pocketed $17.3 million in internet earnings.

For the 9 months ending on Sept. 30, the agency’s income and internet earnings have been $67.9 million and $27.1 million respectively. Within the first half of 2021, Argo reported a income of $42.3 million.

CEO Peter Wall attributed the worthwhile interval to development from its Helios facility in Texas and Sept. 23 IPO on the Nasdaq, stating:

“From breaking floor on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public itemizing on Nasdaq in the USA, this quarter has been pivotal as Argo continues to scale,”

In March, Argo purchased a 320 acre plot of land in Texas to broaden its mining operations and supply it with 200 megawatts of renewable power. In August, the corporate claimed that its crypto operations had become “climate positive” for a lot of greenhouse fuel emission classes.

Associated: Industrial Bitcoin mining breathes new life into tiny Texan town

On Sept. 30, the corporate entered into a purchase order settlement for 20,000 Bitmain Antminer S19J Professional machines for the brand new facility. Supply is predicted within the second quarter of 2022 and the brand new {hardware} will enhance Argo’s whole hashrate capability to round 3.7 Exahashes, up from 1.07 on the finish of Q3, 2021.

On Sept. 10, Cointelegraph reported that Argo had secured a $25 million Bitcoin-backed loan from enterprise agency Galaxy Digital. This follows an identical BTC-backed mortgage for $20 million it secured in June. The funds will probably be used to additional develop its Texas facility.