Argo Blockchain reports higher crypto mining revenues, expanded margins in November

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Argo Blockchain PLC (LON:ARB) has reported higher revenues and wider mining margins over November, 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 revenues generated for the period rose to GBP1.48mln from GBP1.2mln.


WATCH: Argo Blockchain ‘adds more capacity to fleet’ with 4,500 ‘latest and greatest machines’ from Bitmain


Over the month, Argo said it mined 115 Bitcoin of Bitcoin equivalent (BTC) compared to 126 in October, a decrease it attributed to changes in mining difficulty and a halving of digital coin Zcash on November 17, which made the crypto harder to obtain. This takes the firm’s total amount of BTC mined in the year-to-date to 2,369.


As at the end of October, the company held 178 BTC, while its mining capacity totalled 16,000 crypto mining machines.


“This has been an extremely exciting month for cryptocurrency miners. We have seen the value of Bitcoin climb exponentially to over GBP14,000 as investors and payment service providers are turning their interest to cryptocurrencies”, Argo chief executive Peter Wall said in a statement.


“At Argo, we are continuing to prioritise 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”, he added.


Shares in Argo rose 1.6% to 11.3p in early deals on Thursday.

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