Cryptocurrency miner Argo Blockchain’s share price continued its resurgence following a recent private placement by revealing strong growth during January and its best month on record.
The UK based miner revealed that it mined 93 Bitcoin / Bitcoin Equivalent during January with revenues amounting to £2.48m (December 2020: £1.63m). Of key significance is that its margins also increased to 71 % for the month, a healthy 11 % increase compared to the mining margin recorded in January.
Following its recent placing, Argo is currently in the process of increasing its total mining capacity as it looks to capitalise on the apparent increasing normalisation of bitcoin ( Argo Blockchain fuels growth with £22m placing ).
As part of today’s operational update, it also confirmed a strategic purchase of two data centers in Quebec which currently house some of Argo’s mining equipment. This share purchase agreement with GPU.one will provide it with greater control and stability over a key facility.
Commenting on the update was Peter Wall, CEO of Argo who heralded January as the best month in the company’s history:
“I am thrilled that Argo has delivered our best month in the company’s history in both mining revenue and profits. The year has started off very strong. I’m also pleased we have signed the Share Purchase Agreement with GPU.one, an important step in us closing this transaction, and taking over those facilities ourselves.”
The share price of ARB is currently at 95p following a 10 percent intraday rise.