The recent Q3 financial report by the crypto mining firm Argo Blockchain specifies record-setting revenues for the corresponding three months.
The company reported that it had mined 597 “BTC and BTC equivalents” during the quarter three period of 2021. As per the current market movement, the Argo’s BTC haul would be worth around $36.5 million.
The London headquartered company has collected around 1,836 BTC(roughly around $113 million) as of the end of Q3, i.e., September 30.
The report also registered a gross margin of 120% and a mining ner margin of 85%, which implies that it cost around $6,293 to mine each coin for the company. The company has generated a historical revenue of $26 million and holds around $17.3 million in net profits.
In the current year, within the last nine months till September 30, the revenue and net income of the company are $67.9 million and $27.1 million, respectively. Notably, in the Q2 report, Argo Blockchain mentioned a revenue of $42.3 million.
Argo Blockchain on the way to expansion
The Chief Executive Officer (CEO) of the Argo Blockchain, Peter Wall, said that the growth is attributed to the company’s Helios facility in Texas. He also pointed to Initial Public Offering (IPO) on the Nasdaq on September 23. Wall stated:
“From breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo Blockchain continues to scale.”
In March, the Argo Blockchain purchased a 320-acre land plot in Texas to expand its mining functions and added 200 megawatts of renewable energy to it.
Interestingly, just after Q3, as TheCoinRise reported, the company announced its expanding program by purchasing 20k miners from Bitmain. It has al
It has also secured a $25 million Bitcoin-backed loan from Galaxy Digital recently after a similar June loan for $20 million. The loans are planned to be used in building the firm’s infrastructure in Texas.
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