Cryptocurrency Mining Company Argo Blockchain Generates Record Revenue in April

Rhea-AI Summary

Argo Blockchain (OTCQX: ARBKF) reported mining 163 Bitcoin in April, slightly down from 165 BTC in March. The company's mining revenue reached $9.3 million in April, marking an increase from $9.1 million in March, with an average mining margin of 85%, up from 84%. CEO Peter Wall highlighted the achievement of four consecutive months of record mining revenue, alongside the partnership with Navier to enhance infrastructure in Texas. This follows a year of triple-digit growth in 2020, positioning the company for a solid performance in 2021.

Positive

• Generated $9.3 million in revenue for April, up from $9.1 million in March.
• Achieved an average monthly mining margin of 85%, an increase from 84%.
• Celebrated four consecutive months of record mining revenue and profits.
• Engaged in a partnership with Navier to develop the Texas facility, supporting expansion.

Negative

• Slight decrease in the number of BTC mined from March to April (from 165 to 163 BTC).

Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB) (OTCQX: ARBKF) today announced it has mined 163 Bitcoin or Bitcoin Equivalent (together, "BTC") in April compared to 165 BTC in March. At the end of April, the company held 936 BTC.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in April amounted to $9.3 million compared to $9.1 million in March 2021. Argo generated this income at an average monthly mining margin of approximately 85 per cent for the month of April, up from 84 per cent in March 2021.

"I’m thrilled that Argo has generated a fourth consecutive month of record mining revenue and profits” said CEO Peter Wall. “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. 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 Q1 of this year highlights we are executing it in line with expectations.”

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/20210504005694/en/

FAQ

What was Argo Blockchain's Bitcoin production in April 2021?

Argo Blockchain mined 163 Bitcoin in April 2021.

How much revenue did Argo Blockchain generate in April 2021?

Argo Blockchain's mining revenue in April 2021 was $9.3 million.

What was the average mining margin for Argo Blockchain in April 2021?

The average mining margin for Argo Blockchain in April 2021 was approximately 85%.

What partnership did Argo Blockchain announce in April 2021?

Argo Blockchain announced a partnership with Navier to develop its Texas facility.

How does April 2021's performance compare to March 2021 for Argo Blockchain?

In April 2021, Argo Blockchain mined slightly fewer BTC (163) compared to March (165), but revenue increased from $9.1 million to $9.3 million.