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Argo Blockchain mines record 597 BTC during Q3 2021



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

The London headquartered firm reported that it had mined 597 BTC and “BTC equivalents” during 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 price the agency simply $6,293 to mine every Bitcoin on common. General, the agency generated a record 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 had 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 progress from its Helios facility in Texas and Sept. 23 IPO on the Nasdaq, stating:

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

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

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

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 complete 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 mortgage from enterprise agency Galaxy Digital. This follows an analogous BTC-backed mortgage for $20 million it secured in June. The funds can be used to additional develop its Texas facility.

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