Argo Blockchain has seen its monthly revenues surge by 75 percent during February as it further demonstrated scalability potential in its business model following the appreciation of Bitcoin during February.
During February, it mined 129 Bitcoin Equivalent compared to 93 in January; this resulted in mining revenue of £4.34m (in January it was £2.48m). Of note is that the average monthly margin was around 81% compared to 71% in the prior month.
The company now holds 599 Bitcoin Equivalent. As of late February, it has added more firepower with 4,500 Bitmain Antminer S19 and S19 pro miners that are now embedded into its operation.
And it’s gone one step further by paying the salary of CEO Peter Wall in Bitcoin from this month as well as opening up the option for Argo staff to be paid in Bitcoin for part or their complete salaries. This was something Twitter’s CFO previously said it was looking into for its staff.
Commenting on the February performance was Peter Wall who emphasised his delight at the increased margin:
“I’m delighted that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81% is absolutely amazing, and we continue to add to our BTC HODL. I’m also pleased to be the first publicly traded company that we know of to have their CEO paid in Bitcoin.”
The share price of Argo Blockchain responded well gaining by nearly 10 percent in early trading.
It is currently trading 285p and back above the £1bn m.cap milestone.