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The two data centres have a combined power capacity of 20 megawatts and currently house a significant proportion of the company s cryptocurrency mining.
Argo Blockchain s mining revenues continue to rise
The group said it had mined 163 Bitcoin or Bitcoin equivalent during the month, while its margins rose slightly to 85%
Argo Blockchain PLC (LON:ARB) has reported higher revenues in April as the firm continued to mine Bitcoin and saw its margins widen slightly.
In a monthly update, the crypto miner reported revenues of £6.7mln in April, up from £6.57mln in March, with an average monthly margin of around 85%.
The group also reported that it had mined 163 Bitcoin or Bitcoin equivalent (BTC) over the month compared to 165 BTC in March. At the end of April, the company said it held 936 BTC and equivalents.
Argo Blockchain swings into profit as it crosses major inflexion point in 2020
The crypto miner reported a 120% jump in revenues during the year, adding that all of its mining machines have now achieved over 100% return on investment
Argo Blockchain PLC (LON:ARB) swung into profit in 2020 as the cryptocurrency miner said it had crossed “a major inflexion point” during the year amid a surge in revenues.
In its results for the year to December 31, 2020, the company reported a net profit of £1.7mln compared to a £0.7mln loss in 2019 as revenues jumped 120% to £19mln.
The number of Bitcoins mined during the year also increased 85% to 2,465 during the year, while Argo said it had ended the year with cash and digital assets worth £6.7mln compared to £1.2mln at the end of the prior year.
Argo Blockchain’s renewable energy mining will differentiate it from the rest of the market, says broker
In a note, the broker said the Bitcoin mining firm’s results for 2020 had also come in “slightly ahead” of their expectations
Argo Blockchain PLC’s (LON:ARB) expansion of its Bitcoin mining operation with a new facility in Texas will enable it to differentiate itself in the market through “access to very low cost, renewable power”, according to analysts at its house broker finnCap.
In a note on Thursday, the broker said the Bitcoin mining firm’s results for 2020 had come in “slightly ahead” of their expectations, adding that based on a Bitcoin price of US$60,000 they expected the firm to generate £93mln of revenue in 2022 as well as invest around £180mln into its new Texas facility and new mining machines over the next two years.