StockMarketWire.com - Cryptocurrency miner Argo said revenue had increased 75% in the third quarter of the year even as the price of bitcoin softened.
The company generated revenue of £3.63m from its cryptocurrency mining operations in the third quarter, a 75% increase from the second quarter of 2019.
These assets were mined at a mining margin of approximately 73%, which the company believed to be one of the 'highest efficiency rates in the market.'
The margin was achieved despite a rise in mining difficulty and network hash rates, as well as a recent softening in the Bitcoin price, the company added.
The total number of machines in production stood at 6,000 and the company said it was on track to install approximately 6,000 more machines, currently on order, before the end of the year.
'During the third quarter the company adopted a policy to exchange its mined Bitcoins into fiat currency on a regular basis to avoid additional exposure to Bitcoin pricing,' Argo said.
At 9:41am: [LON:ARB] Argo Blockchain Plc Ord 0.1p share price was +0.1p at 8.45p
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.