Argo Blockchain PLC (LON:ARB) said it generated record profits and revenues from its cryptocurrency mining operations for the third month in a row as it capped off what it said was the best quarter in its history.
In an update on its March performance, the company said during the month it had mined 165 Bitcoin and Bitcoin equivalent (BTC), up from 129 BTC in February and taking the total mined in the first quarter of 2021 to 387 BTC.
Based on daily foreign exchange rates and cryptocurrency prices, mining revenues in March rose to £6.57mln from £4.34mln in February and to £13.4mln for the quarter as a whole. Argo also said it generated the income at an average monthly mining margin of around 84%, up from 81% in February and an average margin of 80% for the quarter.
At the end of March, the company said it held 764 BTC.
"I'm delighted that Argo has generated record mining revenue and profits for the third month in a row, making this quarter Argo's best performing since the company's inception. These numbers are incredible, and they highlight our continued commitment to smart growth, efficiency, and delivering meaningful value to our shareholders”, Argo chief executive Peter Wall said in a statement.
“I am also thrilled that we are working with [blockchain technology firm] DMG to achieve something we believe will be truly transformational in the crypto space in the creation of Terra Pool, the first Bitcoin mining pool that will be powered by clean energy", he added.