Argo Blockchain delivers revenue and margin expansion in December

Argo Blockchain PLC (LON:ARB) has reported higher revenues and margins from its cryptocurrency mining operations in December and offered a positive outlook for the year ahead.

In an update on its operations, the firm reported revenues for the month of £1.63mln, up from £1.48mln in November, which was generated with an average monthly mining margin of around 60% compared to 57% in the prior month.

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The company also said it had mined 96 Bitcoin or Bitcoin equivalent (BTC) in the month compared to 115 BTC in November, taking the total amount mined in the year-to-date to 2,465 BTC.

At the end of 2020, Argo said it held 209 BTC, in accordance with its asset management strategy, while its total mining capacity stood at 16,000 machines.

The firm added that its equipment leasing agreement with fellow crypto firm Celsius Network, which is scheduled to deliver 4,500 Bitmain Antminer S19 and S19 Pro mining machines, is on schedule and expected to be operational by February.

“I am delighted that Argo has delivered strong mining revenue for December and at such a healthy margin. The Bitcoin market has entered 2021 on a roll, and we are very optimistic this year will continue to see an increasing mainstream adoption of cryptocurrency. We look to the future with much optimism”, Argo chief executive Peter Wall said in a statement.

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