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Argo Blockchain reports triple-digit rise in amount of Bitcoin mined in early 2020, appoints new CFO

The cryptocurrency miner said that its mining capacity has increased by 244% from the end of last year

Argo Blockchain PLC - Argo Blockchain reports triple-digit rise in amount of Bitcoin mined in early 2020, appoints new CFO
Bitmain Antminer S17+ mining machines

Argo Blockchain PLC (LON:ARB) said it mined 1,237 Bitcoin in the first four months of 2020, a 122% increase over the previous four months.

In an update for April, the cryptocurrency miner also said that over the last month it has installed 1,000 Bitmain Antminer S17+ mining machines, taking its total capacity to around 18,000 machines, a 244% increase in power from the end of last year.

WATCH: Argo Blockchain has built 'efficient mining infrastructure for the future' as revenues rocket

In April itself, Argo said it mined 319.2 Bitcoin, down from 333.8 in March. The firm also reported revenues from its mining activities of £1.8mln, flat month-on-month, while mining margins declined to slightly to 39% from 42%.

The company said mining conditions had been “slightly harder” in April due to algorithmic difficulty increasing twice over the course of the month.


Argo also announced that its incumbent chief financial officer, Timothy Le Druillenec, will be stepping down with immediate effect to become a non-executive director and will be replaced as CFO by James Savage.

Argo noted that Savage has seven years' private practice experience in auditing and corporate finance across capital markets in the UK, US and Canada and has held roles managing audits of large multinational groups and carried out valuations for investment funds.

"I would like to thank Timothy for his invaluable contribution to Argo's rapid advance from start-up and London stock market listing to its current position as a leading UK based cryptominer. I would also like to welcome James, who brings strong financial reporting experience and look forward to working with him to take Argo to the next level," Argo chief executive Peter Wall said in a statement.

Argo's shares were 2% lower at 5.4p in early deals on Tuesday.

--Adds share price--

Quick facts: Argo Blockchain PLC


Price: 167 GBX

Market Cap: £637.66 m

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