Argo Blockchain Achieves Record Revenue in Third Quarter

The bitcoin miner mined 597 BTC during the quarter.

Nov 1, 2021 at 10:37 p.m. UTC
Updated Nov 3, 2021 at 2:13 p.m. UTC

Argo Blockchain (NASDAQ: ARBK), the London-based bitcoin miner that recently started trading on Nasdaq, achieved record revenue of $26 million in the third quarter, according to its earnings statement.

  • The miner had record EBITDA of $26 million for the third quarter and its gross margin was 120%. Meanwhile, its mining margin reached 85% during the quarter. On Oct. 7, the company said it had a gross margin of 145% and mining margin of 86% during August.
  • The company holds 1,836 BTC as of Sept. 30 and has a hashrate of 1.075 exahashes per second (EH/s). Argo mined 597 BTC during the quarter.
  • Argo expects its previously contracted purchase of 20,000 Bitmain Antminer S19J Pro machines to be delivered starting in the second quarter of 2022, which will bring the company’s total hashrate capacity to approximately 3.7 EH/s.
  • “I am proud of the growth we experienced during the quarter and believe Argo is strategically positioned to continue this momentum as we build out our Helios facility in Texas,” CEO Peter Wall said.
  • On Oct. 18, five Wall Street firms, including Jefferies and Barclays, initiated research coverage of Argo Blockchain with buy ratings – all of them expecting the company’s Texas crypto mining facility to be a catalyst for the shares to move higher.
  • Argo Blockchain is the only crypto miner listed on the London Stock Exchange, and its American depositary shares started trading on the Nasdaq Global Market in September.

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets