The directors consider Argo to be one of the most efficient miners in the sector and well placed to capitalise on the increase in the price of Bitcoin
Peter Wall, chief executive
What it does
Crypto mining is the process of using powerful computers to solve complex mathematical equations and validate transactions on a decentralised ledger system known as a blockchain.
These transaction ‘blocks’, once they are completed, reward the miner with cryptocurrency such as Bitcoin for their efforts.
Argo uses large banks of computers to mine large amounts of cryptocurrency which can then be sold for fiat money.
How it’s doing
In February 2021, Argo reported it mined 129 Bitcoin (or equivalent) in February, up from 93 in January.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to £4.34mln, compared to January’s £2.48mln.
At the end of February, the company held 599 Bitcoin + Bitcoin equivalent.
The company’s total mining capacity stands at 1,075 petahash (a quadrillion hashes per second, with a hash being a number-crunching algorithm that generates an alphanumeric string).
In November 2020, Argo reported higher revenues and wider mining margins, 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 £1.48mln from £1.2mln.
- Expanding mining capacity
- Rising price of Bitcoin and other cryptocurrencies
- Adoption of 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 the value of Bitcoin climb exponentially to over £14,000 as investors and payment service providers are turning their interest to cryptocurrencies.”
“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”.