We remain optimistic about the Company's prospects for 2020 and look to the future with confidence
Peter Wall, chief executive
What it does
Crypto mining is the process of using powerful computers to solve complex mathematical equations and validate transactions on a decentralised ledger system known as a blockchain.
These transaction ‘blocks’, once they are completed, reward the miner with cryptocurrency such as Bitcoin for their efforts.
Argo uses large banks of computers to mine large amounts of cryptocurrency which can then be sold for fiat money.
How it's doing
In a monthly update, the firm said it had mined around 337.5 Bitcoin equivalent in February, a 37% increase on January’s figure, generating revenues of £2.54mln compared to £1.63mln in the prior month.
Argo added that it had met its target of having 17,000 mining machines in production by the end of the first quarter of 2020 ahead of schedule after having installed 10,000 Bitmain Antminer T17 machines since the start of the year.
The company has also ordered 1,000 Bitmain Antminer S17+ machines for £1.17mln which are expected to be delivered and installed by the end of April, increasing its mining capacity by around 10%.
- In late January, Argo appointed non-executive director Ian MacLeod as its executive chairman with immediate effect
- In January, the company mined 247 bitcoins in January, generating revenues of £1.63mln
- In early 2020, Argo said the expansion of its mining capacity is continuing ahead of schedule, with 6,375 new mining machines having been installed since the start of January, taking its total capacity to 13,364
- The company has appointed Peter Wall, one of its co-founders and current vice president of operations, as its new chief executive
What the boss says: CEO Peter Wall
"We are immensely proud to have successfully executed the roll-out of 17,000 machines, which is part of the Company's strategy to become of one of the world's largest and most efficient cryptomining infrastructures owned and operated by a publicly-listed company.”
"We are also making a further small investment in new hardware to remain at the industry's forefront. We remain optimistic about the Company's prospects for 2020 and look to the future with confidence."