According to the latest reports, Argo Blockchain has made an announcement in regards to revenues for the third quarter of 2021. Argo Blockchain is a major cryptocurrency mining firm that has been popular for a while for mining Bitcoin.
The firm has recently shared its financial report for the third quarter of 2021, where it has shared its revenue for the particular quarter.
Argo Blockchain has revealed that in the third quarter of 2021, it has mined a total of 597 Bitcoin (BTC). At the time of writing, the 597 Bitcoin that Argo Blockchain mined is equivalent to $36.79 million.
As of Saturday, November 6, 2021, the firm has revealed that it has generated a total of 1,836 Bitcoin. At the time of writing, the number of mined Bitcoin translates to around $113 million.
In the report, Argo Blockchain has also provided the percentages of its mining net margin and gross margin that stand at 85% and 120%. The firm has also reported that in the particular quarter, it has cost them an average of $6,293 for mining each Bitcoin. As a result, the firm has generated net profits worth $17.3 million against $26 million in record revenue.
Argo Blockchain has also reported that the net income it has generated in 9 months’ time is $67.9 million versus a net income that is worth $27.1 million. In the year 2021’s first half, Argo Blockchain reported that the revenue it has generated is worth $42.3 million.
Peter Wall, the chief executive officer (CEO) at Argo Blockchain stated that it is through the Helios facility they have managed to generate these profits. Similarly, it was the launch of their firm through the NASDAQ in the form of an initial public offering (IPO) back on September 23 that has led to such revenue.
Wall stated that the performance demonstrated by their firm throughout the third quarter of 2021 has been very promising and pivotal for their business.
It was back in March of 2021 when Argo had reportedly purchased a plot in Texas that comprised of a plot that was 320-acres in area. The firm had acquired the plot with aim of expanding its operations for mining cryptocurrencies. The firm also revealed that it aimed to generate renewable energy that was going to be worth 200 megawatts.
After almost five months, Argo revealed in August of 2021 that all of its mining and other cryptocurrency operations had been converted to climate-positive operations.
Argo Blockchain is now aiming to expand its mining capacity by bringing in more cryptocurrency miners. On Saturday, Argo Blockchain announced that it had successfully signed an agreement with Bitmain, which would see Bitmain supply them with 20,000 ant-miners.