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Argo Blockchain mines record 597 BTC during Q3 2021

Cryptocurrency mining agency Argo Blockchain has simply launched its Q3 monetary report detailing document setting revenues for the interval.

The London headquartered firm reported that it had mined 597 BTC and “BTC equivalents” through the third quarter of 2021. At present costs, Argo’s Bitcoin haul can be value roughly $36.5 million.

As of Sept. 30, the agency had amassed holdings of 1,836 BTC (roughly $113 million at present costs).

Argo additionally reported a gross margin of 120% and a mining web margin of 85%, estimating it value the agency simply $6,293 to mine every Bitcoin on common. Total, the agency generated a document income of $26 million and pocketed $17.3 million in web income.

For the 9 months ending on Sept. 30, the agency’s income and web earnings have been $67.9 million and $27.1 million respectively. Within the first half of 2021, Argo reported a income of $42.3 million.

CEO Peter Wall attributed the worthwhile interval to progress from its Helios facility in Texas and Sept. 23 IPO on the Nasdaq, stating:

“From breaking floor on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public itemizing on Nasdaq in the US, this quarter has been pivotal as Argo continues to scale,”

In March, Argo bought a 320 acre plot of land in Texas to develop its mining operations and supply it with 200 megawatts of renewable vitality. In August, the corporate claimed that its crypto operations had grow to be “local weather constructive” for various greenhouse gasoline emission classes.

Industrial Bitcoin mining breathes new life into tiny Texan city

On Sept. 30, the corporate entered into a purchase order settlement for 20,000 Bitmain Antminer S19J Professional machines for the brand new facility. Supply is predicted within the second quarter of 2022 and the brand new {hardware} will enhance Argo’s complete hashrate capability to round 3.7 Exahashes, up from 1.07 on the finish of Q3, 2021.

On Sept. 10, Cointelegraph reported that Argo had secured a $25 million Bitcoin-backed mortgage from enterprise agency Galaxy Digital. This follows the same BTC-backed mortgage for $20 million it secured in June. The funds can be used to additional develop its Texas facility.

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