Argo Blockchain (LON:ARB) continued to live up to expectations as it posted new record numbers for the third consecutive month as revenue soared in tandem with an increase in existing healthy margins.
For the month of March, Argo’s cryptocurrency mining operation posted revenues of £6.57m with an average mining margin of 84% for the month. By way of comparison, revenues for February were at £4.34m with an averaging margin of 81%.
The blockbuster performance in March now means that Argo has scored £13.4m of revenue for the first quarter of the year at an average margin of 80%.
Clearly delighted by the performance was CEO Peter Wall who highlighted commitment to delivering value to shareholders as well as wider society by the development of a mining pool powered by clean energy:
“These numbers are incredible, and they highlight our continued commitment to smart growth, efficiency, and delivering meaningful value to our shareholders. I am also thrilled that we are working with DMG to achieve something we believe will be truly transformational in the crypto space in the creation of Terra Pool, the first Bitcoin mining pool that will be powered by clean energy.”
The share price of ARB is currently trading at near record highs of 239p.
Our View: ARB continues to deliver
With mainstream acceptance of cryptocurrency increasing and some huge premiums being put on firms operating in the space, ARB shares are definitely worth a hold for existing investors.
ARB continues to prove its operational prowess in terms of being able to scale up its business quickly and successfully.
Compared to its peers in the US, ARB continues to look undervalued despite its strong performance.
Therefore, newcomers may also be tempted to take a position in their portfolio as part of a diversified portfolio.