Cryptocurrency mining company Argo Blockchain has just proclaimed its third-quarter financial report explaining record-setting revenues for the period.
The London headquartered business declared that it had mined 597 BTC and “BTC equivalents” throughout the third quarter of 2021. At prevailing prices, Argo’s Bitcoin haul would be deserving approximately $36.5 million.
As of Sept. 30, the company had accumulated holdings of 1,836 BTC (approximately $113 million at current prices).
Argo also recorded a gross margin of 120% and a mining net margin of 85%, considering it cost the company just $6,293 to mine every Bitcoin on average. Overall, the firm produced record revenue of $26 million and enclosed $17.3 million in net profits.
Moreover, for the nine months closing on Sept. 30, the firm’s revenue and net income equaled $67.9 million and $27.1 million, individually. Furthermore, in the first half of 2021, Argo listed revenue of $42.3 million.
CEO Peter Wall connected the profitable period to increase from its Helios department in Texas and Sept. 23 IPO on the Nasdaq. He asserted that this quarter has been crucial as Argo proceeds to scale from breaking ground on their sustainable cryptocurrency mining facility in Dickens County, Texas, to their public listing on Nasdaq in the United States.
Climate positive operations
In March, Argo obtained a 320-acre plot of land in Texas to extend its mining operations and produce 200 megawatts of renewable energy. In August, the company declared that its crypto operations had become climate positive for several greenhouse gas emission categories.
On Sept. 30, the business started a purchase deal for 20,000 Bitmain Antminer S19J Pro machines for the modern facility. We should expect delivery in the second quarter of 2022. The latest hardware will expand Argo’s total hash rate capacity to about 3.7 Exahashes, up from 1.07 at the end of the third quarter, 2021.
On Sept. 10, Cointelegraph issued that Argo had obtained a $25 million Bitcoin-backed investment from venture firm Galaxy Digital. This reflects a similar BTC-backed loan for $20 million it acquired in June. The funds will be used to improve its Texas facility further. Argo Blockchain enclosed a record revenue of $26 million after mining almost 600 BTC for the third quarter.