Argo Blockchain PLC (LON:ARB) has seen sales of its crypto mining subscription packages beat its targets by “a significant margin ahead of schedule” as growth continued to exceed supply and its own expectations.
In a trading update, the crypto mining services provider said the total number of sold packages had increased 146% from 1 October to 10,325 on 4 December after a new batch of packages sold out immediately upon release.
READ: Argo Blockchain sees ten-fold increase in sales of crypto-MaaS packages as mining breaches mainstream
As a result, the firm said its target for package sales by January 2019 had been beaten by a significant margin and ahead of schedule, with its annualised revenue run-rate now expected to be US$6.2mln (£4.8mln), up from US$0.26mln when it listed on the London main market in August.
Argo added that its net cash balance amounted to around £15mln as of 30 November.
Mike Edwards, co-founder and director of Argo, said that despite a recent downturn in the cryptocurrency market, the company was “continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy”.
He added that demand for the company’s packages “continues to exceed supply” but the company looked “to the future with confidence”.
The ramp-up in package sales follows an expansion of the company’s mining capacity in early September when it introduced new server technology allowing it to support seven-times more subscribers.