The directors consider Argo to be one of the most efficient miners in the sector and well placed to take advantage of Bitcoin price increases
Peter Wall, chief executive
What does it do?
() is listed on the LSE main board and focuses on cryptocurrency mining.
Crypto mining is the process of using powerful computers to solve complex mathematical equations and validate transactions on a decentralized ledger system called blockchain.
These transaction ‘blocks’, when completed, reward the miner with cryptocurrency like Bitcoin for their efforts.
Argo uses large banks of computers to mine large quantities of cryptocurrency which can then be sold for fiat money.
How it does
Argo reported higher revenues and broader mining margins over November, with the company highlighting “extremely exciting” developments over the period in the cryptocurrency sector.
In an update, the digital silver miner reported an average monthly mining margin of around 57% for November compared with 40% in October, while revenue generated for the period rose to £ 1.48mln from £ 1.2mln.
Over the month, Argo said it was mining 115 Bitcoin of Bitcoin equivalent (BTC) compared to 126 in October, a drop that attributed to changes in mining difficulty and halved Zcash’s digital coin on November 17, which made the crypto harder to get. This takes the company total of BTC excavated in the year to date to 2,369.
At the end of October, the company had 178 BTC, while its mining capacity totaled 16,000 crypto mining machines.
Rigid points
- Expand mining capacity
- The rising price of Bitcoin and other cryptocurrencies
- Adopting blockchain and crypto could push prices even higher
What the boss says: CEO Peter Wall
“This has been an extremely exciting month for cryptocurrency miners. We have seen Bitcoin’s value climb exponentially to over £ 14,000 as investors and payment service providers are turning their interest to cryptocurrencies. ”
“At Argo, we continue to prioritize efficiencies in our mining operations and this has enabled us to increase our revenue by 23% this month and achieve our highest mining margin since halving earlier this year”.