Bitcoin mining company Argo Blockchain said this Monday that its revenue from its core business in 2019 increased 10 times. According to a press release on the website of the London Stock Exchange (LSE), where Argo shares are traded, for the first full year in business, the company received revenue of £ 8.5 million compared to £ 760,000 in 2018.
Argo listing on the main LSE market took place in August 2018. The data presented were not audited - the reports after the audit will be available in April.
The company clarifies that in the fourth quarter of 2019, it mined 432 bitcoins, which is six bitcoins higher than in the third quarter. However, in the last quarter, the company's revenue fell to £ 2.66 million, while in the third quarter it was £ 3.63 million.
Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.
Argo Blockchain CEO
The company is increasing mining capacity in anticipation of halving and currently has 13,364 devices, including 6,375 Bitmain Antminer T17s, which were installed on January 1. By the end of the quarter, Argo intends to add another 3,625 of the same miners. It is estimated that with a full set of 17,000 devices, its computing capacity will exceed 650 petaheches.