UK Bitcoin Mining Firm’s Revenue Jumps 75% despite Bearish Q3 |

Subscription-based bitcoin mining firm Argo Blockchain has registered a profitable third quarter even though the asset it deals in witnessed a sharp drop in value.

The UK-based company, whose stocks are listed on the London Stock Exchange (LSE), confirmed its revenues rose to £3.6 million (~$4.42 million) in the three months ending on September 30. That brought its quarter-on-quarter gains up by 75 percent, with a mining margin of 73 percent.

Mike Edwards, the executive chairman of Argo, attributed their increased returns to a string of factors, including competitive electricity costs and a lower operating cost base. Edwards stated that Argo would install another 6,000 mining machines before the end of the year, a move that could propel their production to a new high.

“Our investment in the most advanced mining hardware on the market continues to provide us with a competitive edge even as mining conditions become more challenging,” said Edwards, adding that “a robust balance…