RATE Group | London Bitcoin Miner Argo Blockchain Reports 1,000% Revenue Increase to $10 Million
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London Bitcoin Miner Argo Blockchain Reports 1,000% Revenue Increase to $10 Million

30 Apr London Bitcoin Miner Argo Blockchain Reports 1,000% Revenue Increase to $10 Million

Posted at 04:35h in Bitcoin News by

London Stock Exchange-listed bitcoin miner Argo Blockchain Plc said on Wednesday full-year 2019 revenue rocketed 1,000% to £8.62 million ($10.78 million) from £760,000 a year earlier. The company stated that the increase was due to a realignment of operations, from consumer-oriented mining as a service (MaaS) business to a proprietary mining model.

Based in London, Argo Blockchain operates at least 17,000 BTC mining machines at three sites in Quebec, Canada, leveraging the region’s cheap hydroelectricity. It listed on the LSE in August 2018, and until recently, mainly operated mining rigs for profit providing MaaS primarily to institutional investors.

For the year to December 31, 2019, Argo Blockchain reported it had mined 1,330 BTC thanks to a 306% increase in its cryptocurrency mining capacity. At year-end, the company operated 7,000 mining machines but that has since swelled to 17,000 during the first quarter of 2020.

The company, with a market value of £16.12 million ($20.15…

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