Argo Blockchain, the leading cryptocurrency miner based in the UK (LSE: ARB), is pleased to provide the following operational update for December.
During the month of December, Argo mined 96 Bitcoin or Bitcoin Equivalent (BTC) compared to 115 Bitcoin Equivalent in November. This takes the total amount of BTC mined year-to-date to 2,465 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in December amounted to £1.63 million (November 2020: £1.48 million). Argo generated this income at an average monthly mining margin of approximately 60% for the month of December (November 2020: 57%).
At the end of December, the company held 209 BTC in Bitcoin and BTC equivalents, in accordance with the Company’s asset management strategy. Argo’s total mining capacity is 16,000 machines and 645 petahash (SHA-256) in addition to 280 Megasols of equihash mining capacity.
The Company’s equipment leasing agreement with Celsius Network, which is set to deliver 4,500 Bitmain Antminer S19 and S19 pro miners, is on schedule. The machines are expected to be fully operational by February 2021 and will add approximately 430 petahash to the Company’s installed computing power.
Peter Wall, Chief Executive of Argo, said: “I am delighted that Argo has delivered strong mining revenue for December and at such a healthy margin. The Bitcoin market has entered 2021 on a roll, and we are very optimistic this year will continue to see an increasing mainstream adoption of cryptocurrency. We look to the future with much optimism.”