The cryptocurrency mining company Argo Blockchain has just released its third-quarter financial report detailing record revenue during the period.
The London-based company reported that it mined 597 BTC and “BTC equivalents” in the third quarter of 2021. At current prices, Argo’s Bitcoin is worth approximately $36.5 million.
As of September 30, the company has increased its holdings 1,836 BTC (approximately US$113 million at current prices).
Argo also reported a gross profit margin of 120% and a net mining profit margin of 85%. It is estimated that the average cost of mining each bitcoin for the company is only $6,293. Overall, the company created a record revenue of US$26 million and a net profit of US$17.3 million.
In the nine months ended September 30, the company’s revenue and net income were US$67.9 million and US$27.1 million, respectively. In the first half of 2021, Argo reported revenue of US$42.3 million.
CEO Peter Wall attributed the profit period to its Helios plant in Texas and the growth on September 23 Listed on NASDAQ,illustrate:
“From the groundbreaking of our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, as Argo continues to expand, this quarter has been key,”
March, Argo purchased 320 acres of land in Texas Expand its mining business and provide it with 200 MW of renewable energy. In August, the company claimed that its Encryption operations have become “climate positive” Used in many greenhouse gas emission categories.
On September 30, the company signed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines for the new facility. It is expected to be delivered in the second quarter of 2022. The new hardware will increase Argo’s total computing power from 1.07 at the end of the third quarter of 2021 to around 3.7 Exahashes.
On September 10, Cointelegraph reported that Argo Received a $25 million bitcoin-backed loan From the venture capital company Galaxy Digital. Prior to this, it had obtained a loan of 20 million US dollars similar to BTC backing in June. The funds will be used to further develop its Texas plant.