Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to £4.34mln, compared to January’s £2.48mln.
Argo generated this income at an average monthly mining margin of about 81% for the month of February (January 2021: 71%), the cryptocurrency miner told investors.
At the end of February, the company held 599 Bitcoin + Bitcoin equivalent.
The company’s total mining capacity stands at 1,075 petahash (a quadrillion hashes per second, with a hash being a number-crunching algorithm that generates an alphanumeric string).
"I'm delighted that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81% is absolutely amazing, and we continue to add to our BTC HODL [holding of Bitcoin + equivalent],” said Peter Wall, chief executive (CEO) of Argo.
“I'm also pleased to be the first publicly-traded company that we know of to have their CEO paid in Bitcoin," he added.