Argo Blockchain, a cryptocurrency mining company, has just published its Q3 financial reports detailing record-setting revenues.
According to the London-based company, it had mined 597 BTC during the third quarter 2021. Argo’s Bitcoin haul is estimated to be approximately $36.5 million at current prices.
The firm’s holdings were 1,836 BTC, or roughly $113 million, as of September 30, 2018.
Argo reported a 120% gross margin and a mining net of 85%. This means that it costs the company $6,293 per Bitcoin. The firm generated $26 million in record revenues and made $17.3 million in net profit.
The firm’s net income and revenue were $27.1 million and $67.9 respectively for the nine months ended September 30. Argo reported a revenue totaling $42.3 million in the first half 2021.
CEO Peter Wall stated that the company’s Helios facility in Texas and the Sept. 23 Nasdaq IPO were responsible for the period of profit.
“This quarter was pivotal in Argo’s continued growth, from breaking ground in our sustainable cryptocurrency mining plant in Dickens County Texas to our public listing at Nasaq in the United States.
Argo bought a plot of Texas land covering 320 acres in March to expand its mining operations. It also purchased 200 megawatts (renewable energy) for the site. The company claimed in August that crypto operations were “climate-positive” for several greenhouse gas emission categories.
Related:Industrial Bitcoin mining gives new life to tiny Texan towns
The company signed a purchase agreement on Sept. 30 for 20,000 Bitmain S19J Pro machines to be used in the new facility. The new hardware will be delivered in the second quarter 2022. It will allow Argo to increase its total hashrate capacity by 3.7 Exahashes from 1.07 at Q3 2021.
Cointelegraph reported on Sept. 10 that Argo had obtained a $25 million Bitcoin loan from Galaxy Digital. This follows an earlier similar BTC-backed loan of $20 million that Argo secured in June. These funds will be used for further development of the Texas facility.
Eileen Wilson –Technology and Energy
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