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Argo Blockchain jumps as it mines record number of Bitcoin in first three months of 2020

The crypto miner mined 918 Bitcoin or Bitcoin equivalent in the three months, more than double the amount mined during the previous quarter

Argo Blockchain PLC - Argo Blockchain mines record number of Bitcoin in first three months of 2020

Argo Blockchain PLC (LON:ARB) said it has mined a record level of Bitcoin in the first three months of 2020, adding that its operations have not been impacted by coronavirus.

The cryptocurrency miner said in an update for March that it had mined 918 Bitcoin or Bitcoin equivalent (BTC) in the three months, more than double the amount mined during the previous quarter. For the month itself, Argo mined 333.8 BTC compared to 337.5 in February.

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

The company also said it generated revenues of £1.8mln in March, down from £2.5mln in February, adding that mining conditions in the month were harder as algorithmic difficulty increased early in the month, and Bitcoin prices then saw a sharp decline in the second week.

Overall, revenues for the first quarter amounted to £6mln.

Looking ahead, Argo said its order of 1,000 Bitmain Antiminer S17+ machines “remains on track” with the new hardware expected to be delivered an installed by the end of April, increasing its BTC mining capacity by 10%.

"Despite challenging conditions the company continues to deliver some of the best mining margins in the industry. This reflects Argo's high-quality mining infrastructure and expertise", said chief executive Peter Wall in a statement.

Shares in Argo jumped 10.7% to 4p in early trading on Monday.

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