Argo Blockchain mines the crypto vein

Argo Blockchain PLC is a publicly-traded blockchain technology company focused on large-scale cryptocurrency mining.

Headquartered in London, England, Argo is the only cryptocurrency mining company listed on the London Stock Exchange.

Its energy-efficient, powerful mining operations are strategically located throughout North America.

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) generated record revenue in the third quarter, bring in some US$26mln, as cryptocurrency prices enjoyed a strong rally through the three-month period.

The sustainable crypto mining group reported US$17.3mln of net income – also marking a new company record – and reported earnings (EBITDA) of US$28.2mln.

Mining operations created 597 bitcoins and equivalents for the company in the three months ended 30 September and it ended the period holding some 1,836 bitcoins (at today’s price they would be worth around US$113.16mln).

Argo in late September struck a deal to acquire 20,000 new crypto mining machines for a facility being constructed in Texas, which will represent an upgrade in its mining activities. Deliveries of these units are expected in the second quarter of 2022.

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) mined 165 Bitcoins (or Bitcoin equivalents) in September, taking its tally for the year to date to 1,479 Bitcoins.

Mining revenue amounted to GBP5.5mln in the month, the company said, and it made a GBP4.6mln mining profit.

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP, NASDAQ:ARBK, ETR:0XP) told investors it is expanding its Bitcoin mining capacity through an acquisition of extra machines.

The company said it has executed a purchase agreement to buy 20,000 Bitmain Antminer S19J Pro machines which will be paid for in periodic instalments before final shipment. Deliveries are expected to Argo’s future Texas facility in monthly batches starting in the second quarter of 2022 through the third quarter.

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) may be set to double in value according to stockbroker finnCap which has upgraded the London-listed Bitcoin miner after today’s positive third-quarter update.

On Tuesday, Argo reported record revenue in the third quarter, bringing in some US$26mln, along with US$17.3mln of net income and US$28.2mln of earnings (EBITDA) as cryptocurrency prices enjoyed a strong rally through the three-month period.

Argo’s mining operations created 597 bitcoins and equivalents for the company in the three months ended 30 September and it ended the period holding some 1,836 bitcoins (at today’s price they would be worth around US$113.16mln).

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP) (LON:ARB) (OTCQX:ARBKF) CEO Peter Wall tells Proactive long-term profitability and sustainability is paramount for the group, as it reports a profit surge in its first half as a boom in Bitcoin prices and an expansion of its crypto mining operations lifted revenues.

Wall says the crypto miner reported a pre-tax profit of GBP10.7mln, up from GBP0.5mln in the prior year, while revenues surged 180% to GBP31.1mln, reflecting the company’s increase in production as well as the rise in Bitcoin prices over the period.