Crypto minor Argo blockchain revenue has risen as Bitcoin production has increased and its new Texas facility is almost ready to go.
- Mining increased to 163 bitcoins in March and equivalent, from 135 in February
- Mining revenue rose to 5.2 million from £ 4.1 million in February
- The firm has a new COO and new Texas facility to start drilling in Q2
Crypto mining firm Argo Blockchain has posted rising revenue after creating more bitcoins and increasing the value of digital assets.
The London-listed company mined 163 bitcoins and equivalent assets in March, up from 135 in February, Argo told investors Friday.
Based on daily foreign exchange rates and cryptocurrency prices, the company said mining revenue rose to £ 5.2 million from £ 4.1 million in February.
Higher earnings: The Argo blockchain dug up more bitcoins last month
Bitcoin’s price peaked in late March 2022, after a fortnight-long period of price increases and a broad resurgence of cryptocurrencies.
The world’s most valuable virtual currency hit উপরে 48,000 on March 28, but has since fallen behind and is trading at around $ 43,500 today.
Shares of Argo Blockchain rose 6.7 percent to 69.75p in trading on Friday afternoon.
Argo Blockchain has benefited greatly from the growing popularity of cryptocurrencies.
Its shares have gone from just 5p in 2020 to a record 300p in February last year.
At the end of March, the company owned 2,700 bitcoins, of which 259 were the equivalent of bitcoins, up from 2,685 and 246 a month earlier.
Argo added that Texas is on track to build its cryptocurrency mining facility, has installed air coolers and immersion pumps, and expects its first mining to begin in the second quarter.
The firm has announced the appointment of Sif El-Bakli as its new chief operating officer.
The company said El-Buckley has more than 16 years of experience in the capital markets and trading sector and had previously founded a fintech startup and worked for the TMX Group.
Shares of Argo Blockchain fell back from last year’s high
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