Argo Blockchain (ARB) delivered a strong third quarter, generating £3.63 million of revenue from its cryptocurrency mining operations during the period, a 75% increase.
The company also reported a mining margin of about 73%, which it told investors it believes to be “one of the highest efficiency rates in the market”.
The company said it achieved it despite a rise in mining difficulty and network hash rates, as well as a recent softening in Bitcoin price.
Mike Edwards, executive chairman of Argo, commented: “Our investment in the most advanced mining hardware on the market continues to provide us with a competitive edge even as mining conditions become more challenging.”
Argo has 6000 machines in production and is on track to install approximately 6000 more before the end of the year.
It attributed its mining efficiency towards its team of experts making timely hardware decisions as well as its low operating cost base, among other things.
Mr. Edwards added: “During the third quarter the Company adopted a policy to exchange its mined Bitcoins into fiat currency on a regular basis to avoid additional exposure to Bitcoin pricing.”
“We remain focussed on our revenue and bottom line, while executing our growth strategy to become the world's largest publicly listed miner next year."
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