Argo Blockchain mining firm released its Q3 financial report in cryptocurrency with all the revenues recorded for that duration.
The company reported that during the Q3 of 2021, it had mined 597 BTC worth about $26 million at the current bitcoin price.
The firm had accumulated holdings of 1836 BTC as of September 30, which translates to approximately $113million.
Argo advancement
Argo firm generated a net profit of $17.3 million.
The firm reported a gross margin of 120% and a mining net margin of 85%, estimated to have cost the firm $6,293 to mine a single bitcoin on the overage.
The firm reported revenue of $42.3 million in the first half of 2021, and revenue of $67.9 million, and net income of $27.1 million for the nine months ending on September 30.
According to Argo firm CEO Peter Wall:
“From breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo continues to scale.’’
The firm’s new project
Argo in March bought a 320 Acre plot in Texas and also provided it with 200 megawatts of renewable energy to aid the expansion of its mining operations.
The company in August claimed that its crypto operations were not affected by climatic changes.
Argo had secured a $25 million Bitcoin-backed loan on Sep. 10 from venture firm Galaxy Digital which will help in the further development of the Texas facility.
The company also entered into a purchase agreement for 20000 Bitmain Antminer S19J Pro machines for the new facility.
The delivery of this facility is expected to be in the Q2 of 2022, with the new hardware increasing Agro’s total hashrate capacity to around 3.7 Exahashes up from 1.07 at the end of Q3, 2021.
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