Cryptocurrency Mining Company Argo Blockchain Achieves Record Q1 Revenue Growth

Rhea-AI Summary

Argo Blockchain reported a significant increase in Bitcoin mining output, achieving 165 BTC in March, up from 129 BTC in February, culminating in 387 BTC for Q1 2021. Mining revenue reached $9.1 million in March, an increase from $6.04 million in February, leading to a total of $18.6 million for the quarter, marking it as Argo's most profitable quarter to date with an average margin of 80%. CEO Peter Wall highlighted the company's commitment to growth and efficiency, alongside a collaboration with DMG to create Terra Pool, a clean energy-powered Bitcoin mining pool.

Positive

• In March, Argo mined 165 BTC, a 28% increase from February's 129 BTC.
• March mining revenue reached $9.1 million, up from $6.04 million in February.
• Q1 2021 revenue totaled $18.6 million, the company's most profitable quarter.
• Average mining margin improved to approximately 84% in March from 81% in February.

Negative

• None.

Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB) (OTCQX: ARBKF) announced today that the company has mined 165 Bitcoin or Bitcoin Equivalent (together, "BTC") in the month of March compared to 129 BTC in February. This takes the total amount of BTC mined in Q1 to 387 BTC. At the end of March, the company held 764 BTC.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in March amounted to $9.1 million compared to $6.04 million in February 2021. Argo generated this income at an average monthly mining margin of approximately 84% percent, up from 81 percent in February 2021. This takes Argo’s mining revenues to $18.6 million for the first quarter of 2021, the company’s most profitable quarter to date. This income has been generated at an average mining margin of approximately 80% for Q1 2021.

Peter Wall, Chief Executive of Argo said: “I’m delighted that Argo 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. These numbers highlight our continued commitment to smart growth, efficiency, and delivering value to our shareholders. I am also thrilled that we are working with DMG to achieve something we believe will be transformational in the crypto space in the creation of Terra Pool, the first Bitcoin mining pool that will be powered by clean energy.”

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.

argoblockchain.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005586/en/