Argo Blockchain provides April mining update By Investing.com

By Samuel Indyk

Investing.com – UK listed cryptocurrency miner Argo Blockchain (LON:ARB) has provided an operation update for April. The company said it mined 163 Bitcoin or Bitcoin equivalent in April, down slightly from the 165 mined in March.

Despite a lower number of Bitcoins mined, revenue and profit increased during the month.

Argo Blockchain said revenue increased almost 2% from £6.57mln in March to £6.70mln in April. The company generated the income at an average monthly mining margin of approximately 85% versus 84% the previous month.

“I’m thrilled that Argo has generated a fourth consecutive month of record mining revenue and profits,” said Argo Blockchain CEO Peter Wall.

During the latest month, Argo presented FY 2020 results and announced they had hired Navier, a specialist in designing and building cryptocurrency facilities, to help develop their new facility in Texas.

“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,” Wall added.

“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.”

At the end of April, Argo Blockchain held approximately 936 Bitcoin or Bitcoin equivalent.

At 09:15BST, Argo Blockchain shares were trading lower by 5.3% at 183.69 pence per share.