By Samuel Indyk
Investing.com – London-listed cryptocurrency miner Argo Blockchain (LON:ARB) achieved record revenue, net income, and EBITDA in the third quarter.
For the quarter, the company generated revenue of $26.0 million which led to net income of $17.3 million and EBITDA of $28.2 million. The company said EBITDA exceeded revenue in the period due to the favourable changes in Bitcoin’s fair value.
Bitcoin mining
The company managed to mine 597 Bitcoin or Bitcoin equivalent (BTC) in the quarter, bringing total holdings to 1,836 as of September 30th. The average direct cost per BTC mined was $6,293.
Looking ahead, the company said it expects to begin receiving the first of its new Bitmain Antminer S19 Pro machines from the second quarter of next year. This will increase Argo’s total hashrate capacity to approximately 3.7 exahash, from 1.075 exahash at the end of Q3.
Elsewhere in the quarter, Argo Blockchain (NASDAQ:ARBK) completed its secondary listing on the Nasdaq Stock Exchange and began work on its new mining facility in Dickens County, Texas.
“From breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo continues to scale,” Argo Blockchain CEO Peter Wall said in a statement to the London Stock Exchange. “I am proud of the growth we experienced during the quarter and believe Argo is strategically positioned to continue this momentum as we build out our Helios facility in Texas.”
At 09:12BST, shares in Argo Blockchain were trading lower by 0.4% at 130.25 pence per share.