London-based Bitcoin Miner Argo Blockchain Announces 1000% Revenue Increase

London-based bitcoin mining firm Argo Blockchain introduced a 1,000% income enhance in 2019 to $10.7 million. 

In response to a report by BDaily, the London Inventory Alternate-listed bitcoin miner reported on Wednesday its full-year 2019 income, which rose from $948,000 to $10.7 million. Argo’s complete earnings for the 12 months got here out to $1.74 million in 2019, in comparison with $4.56 million in losses the 12 months earlier than. 

Argo claimed the skyrocketing income was attributable to a big funding in mining tools. The corporate elevated its variety of energetic rigs from 10,000 to 17,000 by Q1 2020. Argo additionally restructured its enterprise away from mining-as-a-service to immediately mining crypto-assets for revenue. 

Peter Wall, CEO of Argo Blockchain, stated of the corporate’s success, 

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Regardless of difficult buying and selling situations in 2019 now we have efficiently executed a strategic transition from a consumer-facing enterprise to emerge as a big cryptocurrency miner listed on a number one worldwide alternate.

He continued, saying the corporate was on monitor to ship “sturdy development” within the first half of 2020 in comparison with the 12 months earlier than. 

Argo is at the moment listed with a market worth of $17.1 million. 

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