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Argo Blockchain bounces as it reports 56% jump in monthly revenues, completes mining expansion ahead of schedule

The company has installed around 10,000 new cryptocurrency mining machines since the start of the year

Argo Blockchain PLC - Argo Blockchain reports 56% jump in monthly revenues as it completes mining expansion ahead of schedule

Argo Blockchain PLC (LON:ARB) has reported a 56% increase in monthly income from its Bitcoin mining operation while also completing a capacity expansion ahead of schedule.

In a monthly update, the cryptomining 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.

READ: Argo Blockchain makes strong start to 2020

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%.

"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”, said chief executive Peter Wall.

"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."

Argo shares were 3.9% higher at 5.9p in late-morning trading on Wednesday.

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Price: 154.5 GBX

Market Cap: £586.11 m

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