London-listed Argo Blockchain (AIM:ARB) has reported a 56% increase on its monthly income in January from its bitcoin mining operation.
The UK-based cryptocurrency miner said in a monthly update that it had mined around 337.5 Bitcoin Equivalent in February - a 37% increase on January’s figure - to generate revenues of £2.54m, up from £1.63m in the previous month.
The company said that it has met its target of having 17,000 machines in production by the end of the first quarter of 2020 ahead of schedule.
Since the start of the year, Argo has installed a total 10,000 Bitmain Antminer T17s amounting to a total investment of £7.44m and bringing its installed and operational mining capacity to 665 petahash.
Meanwhile, Argo said it has ordered 1,000 Bitmain Antminer S17+ machines, at a total cost of £1.17 million which the group expects to be delivered and installed by the end of April this year.
Shares in Argo Blockchain were trading 1.77% lower at 5.55p during Wednesday trading.
The new hardware, which is part of a maintenance capex designed to retain Argo’s technology lead, will bring the group’s total BTC mining capacity to around 730 PH, an increase of approximately 10%.
Peter Wall, Chief Executive of Argo identified the new investment as part of the firm’s strategy “to become one of the world's largest and most efficient cryptomining infrastructures owned and operated by a publicly-listed company.”
"We are also making a further small investment in new hardware to remain at the industry's forefront. We remain optimistic about the Company's prospects for 2020 and look to the future with confidence,” he added.
In January, shares in Argo bounced after it reported a ten-fold increase in revenues for 2019. In a trading statement, the firm said that it expected revenues to come to £.8.5mn for the year ended 31 December up from £760,000 in 2018.
Argo Blockchain will report its audited results for 2019 in April 2020.
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