Argo, the leading, publicly-traded cryptocurrency miner based in the UK announced its most successful month of revenue and profit, alongside a major step in diversifying Argo’s position in broader decentralized finance (DeFi), with a 25% stake in the crypto venture capital and technology company, Pluto Digital Assets PLC.
In January, Argo mined 93 Bitcoin or Bitcoin Equivalent, which amounts to £2.48 million in mining revenue, based on daily foreign exchange rates and cryptocurrency prices. Argo generated this income at an average monthly mining margin of approximately 71%. At the end of the month, the company held 501 BTC in Bitcoin and BTC equivalents. In the second half of January, the Company purchased a total of 172.5 BTC as part of its asset management strategy. Argo’s total mining capacity is currently 787 petahash (SHA-256) in addition to 280 Megasols of equihash mining capacity.
In an effort to expand its offerings beyond mining and into decentralized technologies, Argo has become the lead investor, with a 25% stake, in Pluto, a crypto venture capital and technology company that connects Web 3.0 applications and protocols to the global economy. Pluto invests in, incubates, and advises digital asset projects with the goal of furthering the decentralized finance (DeFi) ecosystem, making Pluto not only a VC but also a leader in the incubation of open finance. Pluto also supports decentralised networks by operating validator nodes and staking.
Using funds from a previous $75,000 investment in Polkadot (DOT), Argo is setting a new standard for resourcing prior successes in the mining and Web 3.0 space to further incubate and support up-and-coming projects. Pluto has invested in some notable DeFi projects, including the YOP Platform and Protocol. YOP has experienced 1800% growth since listing in January 2021.
The collaboration between Pluto and Argo demonstrates a shared commitment to moving open finance forward, as both companies aim to propel industry adoption of decentralized technologies.
Atif Yaqub, Director for Pluto Digital Assets, said: “We are delighted to have Argo as a cornerstone shareholder and strategic partner. Pluto’s combination of traditional venture capital and crypto expertise uniquely positions us to identify and support the next generation of digital asset projects. Crypto and DeFi are experiencing exponential growth and institutional adoption, and Pluto is ideally positioned to participate in this transformation.”
Peter Wall, Chief Executive of Argo, said: “This past month marks a turning point for Argo, as our goal of not only becoming a leading cryptocurrency miner but also an innovative blockchain company is coming to fruition. Mining revenue, company profits, and investment strategies continue to grow and increase in potential alongside the bullish market. As a company, participant, and fan of thedecentralized economy, Argo is eager to expand upon its new relationship with Pluto, a company continually looking to further benefit projects in DeFi the industry with high yield potential.”