Argo Blockchain mines record 597 BTC during Q3 2021

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Cryptocurrency mining agency Argo Blockchain has simply launched its Q3 monetary report detailing document setting revenues for the interval.

The London headquartered firm reported that it had mined 597 BTC and “BTC equivalents” in the course of the third quarter of 2021. At present costs, Argo’s Bitcoin haul can be price roughly $36.5 million.

As of Sept. 30, the agency had amassed holdings of 1,836 BTC (roughly $113 million at present costs).

Argo additionally reported a gross margin of 120% and a mining web margin of 85%, estimating it value the agency simply $6,293 to mine every Bitcoin on common. Total, the agency generated a document income of $26 million and pocketed $17.3 million in web income.

For the 9 months ending on Sept. 30, the agency’s income and web earnings had been $67.9 million and $27.1 million respectively. Within the first half of 2021, Argo reported a income of $42.3 million.

CEO Peter Wall attributed the worthwhile interval to development from its Helios facility in Texas and Sept. 23 IPO on the Nasdaq, stating:

“From breaking floor on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public itemizing on Nasdaq in america, this quarter has been pivotal as Argo continues to scale,”

In March, Argo purchased a 320 acre plot of land in Texas to develop its mining operations and supply it with 200 megawatts of renewable power. In August, the corporate claimed that its crypto operations had become “climate positive” for various greenhouse fuel emission classes.

Associated: Industrial Bitcoin mining breathes new life into tiny Texan town

On Sept. 30, the corporate entered into a purchase order settlement for 20,000 Bitmain Antminer S19J Professional machines for the brand new facility. Supply is anticipated within the second quarter of 2022 and the brand new {hardware} will enhance Argo’s complete hashrate capability to round 3.7 Exahashes, up from 1.07 on the finish of Q3, 2021.

On Sept. 10, Cointelegraph reported that Argo had secured a $25 million Bitcoin-backed loan from enterprise agency Galaxy Digital. This follows the same BTC-backed mortgage for $20 million it secured in June. The funds will likely be used to additional develop its Texas facility.