- First listed mining firm at LSE surged 23% increment in its revenue last month
- The production rate of the firm was found reduced as compared with October
- Last month Argo achieved its highest mining margin
London Stock Exchange (LSE) listed the first bitcoin mining firm, Argo Blockchain, reported increment in firms gains that increased by 23% last month. The LSE listed firm’s mining revenue for November totaled 1.48 million Great Britain Pound. If we compare the income of the previous month of GBP1.48 million with October’s GBP 1.2 million, it is observed that last month Argo Blockchain generated an average monthly margin of around 57%.
Revenue ignored a slight reduction in mining figures
Compared with October’s mining figure, it is observed that the mining figures had slightly been reduced last month. It is observed that over the month, the Bitcoin mining firm has mined around 115 Bitcoin (BTC), whereas in October, the firm had mined around 126 Bitcoins. Indeed, it seems that the reduction is due to changes in the mining difficulty. Not only difficulties but also the halving event of Zcash took place last month on 17th. However, these reductions in the mining figures didn’t affect the revenue of the firm.
According to Peter Wall, the mining firm’s chief executive officer, last month was extremely exciting for cryptocurrency miners. Peter also explained how the soaring price of Bitcoin climbed over GPB 14,000 as the payment service providers and investor’s interest in turning to cryptocurrencies helped them.
How did Argo manage to gain such a large amount of revenue?
According to Peter, the mining firm remained to continue prioritizing efficiency in its mining operations, and it led to an increment of 23% in the revenue of Argo Blockchain. However, this increment has also helped Argo achieve its highest mining margin since this year’s halving of Bitcoin in May.
However, compared with the first half of 2019, it is observed that the half-yearly financial result of Argo is already showing an improvement in the income of the firm. We also observed that with increasing revenue, the firm has also increased its production after expanding its mining base by 260% with around 18,000 machines. In contrast, last year the firm had only 5,000 machines.
Argo’s program to get benefitted from the industry
According to October’s operational update of the firm, Peter mentioned that the firm had resolved the issues regarding underperforming machines. Additionally, Bitmain remained a valuable partner with the firm. And a couple of months ago, the Bitcoin mining firm launched its capital investment program. Argo placed it in pole position to benefit from developing industry conditions.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.