The blockchain mining firm- Argo Blockchain, is all set to introduce new heights to the crypto mining sector. In the recent press release, the London Stock Exchange website informed that the blockchain firm announced the generation 10X revenue in 2019 in comparison to the revenue generated in 2018. In 2019 the revenue generated was more than $11 million, whereas back in 2018, it was $985,720. Now, you can have a clear starting point that why we are talking about the potential of the blockchain mining firm to take the entire crypto sector to greater heights.
Positive spirits despite tough tides:
The blockchain mining firm has been doing its best despite the challenges. Looking at the last year, the blockchain mining firm produced 432 BTC through crypto mining in the 4th quarter of the year. Whereas, in the third quarter, it generated 426 BTC. Parallelly, in the same time frame, Argo’s revenues faced a downstream movement from 2.66 Million GBP from 3.63 million GBP. This basically was a result of cryptocurrency’s price drop. This leads to difficulty in mining and challenging exchange rates.
But the mining firm held its head and spirits high. As a result, for the third quarter, the blockchain firm reported a 75 percent shoot in revenues. (The increase is compared from the second quarterly performance of 3.6 million GBP).
Pushing the mining capacity:
This year, the blockchain firm has reported that it is pushing the boundaries of its own mining capacity and the results are positive ahead of schedule. Argo has installed 6375 new mining machines in the first month of the New Year. The total capacity of the mining firm is now 13,364.
Upgradation in the Argo team:
Peter Wall who is one of the co-founders and the current vice-president of operations at Argo Blockchain, has been appointed as the new chief executive. Wall, while thanking the ‘resilient performance’ from the last quarter, talked about the revenues the firm has generated. He further added:
“Our mining operations continued to generate industry’s best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.”
Further new mining machines to be added:
By the end of this year (2020), Argo blockchain aims to have around 17000 mining machines working for the mining industry. The machines have already started to be delivered in batches since December 2019.
World’s largest ‘publicly listed Crypto miner’:
In August last year, Argo Blockchain agreed to a deal. The deal dictated the mining firm to increase the electricity supply by 357 percent. This paved the platform for Argo Blockchain to run 15000 mining machines in addition to the current mining machines. This naturally has a superb impact on the Bitcoin mining capacity of the blockchain mining firm. Now, the BTC mining capacity is 1360 petahash. This has earned the Argo Blockchain the title of the world’s largest listed crypto miner.
From the horse’s mouth:
We believe the cleanest power along with the most efficient machines, operated by a proficient team, is what sets us apart.