Argo Blockchain (AIM:ARGO)
announced on Monday that it has mined a record level of Bitcoin during the first three months of 2020.
The cryptocurrency miner told investors in a March update that it had mined 918 bitcoin or bitcoin equivalent (BTC), more than double the amount mined during the previous quarter.
During the month of March, Argo reported that it had mined 333.8 BTC compared to 337.5 BTC in February.
The company noted its North American-based mining operations have not been impacted as a result of the Covid-19 pandemic.
Shares in Argo Blockchain were trading 1.37% higher at 3.7p during Monday morning.
Argo generated revenues of £1.8m in March, down from £2.5m in February, adding that mining conditions became harder early in the month as algorithmic difficulty increased, and Bitcoin prices then saw a sharp decline in the second week.
The income was generated at a mining margin of 42%, however, and Argo said it continues to consider its operations ‘to be among the most efficient in the market.’
Overall, in the first quarter of 2020, revenues amounted to £6m (US$7.67m) based on average currency rates for the period.
The group said its order of 1,000 Bitmain Antminer S17+ machines remains on track, with the new hardware expected to be delivered and installed by the end of April 2020 to increase its BTC mining capacity by around 10%.
"Despite challenging conditions the company continues to deliver some of the best mining margins in the industry. This reflects Argo's high-quality mining infrastructure and expertise,” said Peter Wall, CEO of Argo.
Argo Blockchain will report its audited results for 2019 in April 2020.
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