By Samuel Indyk
Investing.com – Argo Blockchain , the UK-listed cryptocurrency miner, announced it mined 165 Bitcoin or Bitcoin equivalent (BTC) in March, up from 129 in February. The total amount mined in Q1 was 387 BTC. At the end of March, the company held 764 BTC.
The company said that based on daily foreign exchange rates and the price of cryptocurrencies during the March, mining revenue was £6.57mln, up 51% from £4.34mln in February.
Total mining revenue for the first quarter of 2021 was £13.4mln, the company’s most profitable quarter to date. The income was generated at an average mining margin of around 80%.
“I'm delighted that Argo Blockchain PLC (LON:ARB) has generated record mining revenue and profits for the third month in a row, making this quarter Argo's best performing since the Company's inception,” said Argo Blockchain CEO Peter Wall.
“These numbers are incredible, and they highlight our continued commitment to smart growth, efficiency, and delivering meaningful value to our shareholders.”
The latest update comes at a time when cryptocurrency prices have soared to almost unfathomable levels. The total market cap of all cryptocurrencies passed $2 trillion earlier this week as more digital assets become more accepted by business and firms. However, there are still doubts about the environmental impact and the real world usage for cryptocurrencies.
Last month, Argo announced they were forming clean energy mining pool with DMG and they had hired a climate adviser to try and negate their impact on the environment.
“I am … thrilled that we are working with DMG to achieve something we believe will be truly transformational in the crypto space in the creation of Terra Pool, the first Bitcoin mining pool that will be powered by clean energy,” Wall added.
Shares in Argo Blockchain were trading 1.4% higher in early trade at 236.85p.