Argo Blockchain's mining revenues continue to rise

Argo Blockchain PLC (LON:ARB) has reported higher revenues in April as the firm continued to mine Bitcoin and saw its margins widen slightly.

In a monthly update, the crypto miner reported revenues of £6.7mln in April, up from £6.57mln in March, with an average monthly margin of around 85%.

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The group also reported that it had mined 163 Bitcoin or Bitcoin equivalent (BTC) over the month compared to 165 BTC in March. At the end of April, the company said it held 936 BTC and equivalents.

“I’m thrilled that Argo has generated a fourth consecutive month of record mining revenue and profits. I’m also pleased to have engaged Navier in the development of our Texas facility, a partnership that will enable us to expand our mining infrastructure significantly and efficiently”, Argo chief executive Peter Wall said in a statement.

“I am also delighted to have announced the second year of triple digit growth in our 2020 full year results. Our team has laid an excellent foundation for 2021 and our strong performance in [the first quarter] of this year highlights we are executing it in line with expectations”, he added.

Story by ProactiveInvestors