March 28, 2024

Argo Blockchain mined 1,300 BTC last year. The company's revenues increased 11 times

The mining company Argo Blockchain, listed on the London Stock Exchange, was able to significantly improvefinancial performance last year after a radical review of the business model. It is reported by CoinDesk.

Over the past year, Argo Blockchain has mined1330 BTC, having managed to increase revenue 11 times - from $ 948 thousand in 2018 to $ 10.7 million at the end of 2019. EBITDA amounted to $ 1.74 million last year, despite the fact that in 2019 the company suffered a loss of $ 4.56 million.

According to representatives of Argo Blockchain, the secretsuccess lies in aggressive investments in equipment (the company increased the number of active devices from 10,000 to 17,000 in a year), as well as in abandoning the client-oriented mining as a service model.

The report also states that thanks to the changeIn the business model, the company eliminated the cost items for acquisitions and customer support, and also significantly cut its marketing budget. In addition, Argo Blockchain reduced its headcount from 11 to 7.

The head of the company, Peter Wall, noted that nowThe company has the opportunity to focus on optimizing energy consumption, improving equipment efficiency and overall competitiveness. He emphasized that Argo is now firmly on its feet, despite price volatility and the coronavirus pandemic, and is also ready for a possible drop in the profitability of operations due to the upcoming halving of the mining award.

“Thanks to the significant investments made in infrastructure last year, the state of the company is very good”- Wall added.

For the first quarter of this year, Argo produced 900 BTC. The company plans to soon increase the number of pieces of equipment to 18,000, and the total hash power - to 730 petaheesh (PH).

All three Argo Farms are located in Quebec, Canada, covering a total area of ​​40,000 square feet.

Recall, on May 10 at 16:00 at ForkLog Live, an online conference “Bitcoin Halving 2020: Price vs Technology” will be held.