Argo Blockchain reported a 10-fold increase in mining income

The income of the British mining company Argo Blockchain from its main activity in 2019 increased by 10times and amounted to £ 8.5 million (over $ 11 million). This is evidenced by the press release of the London Stock Exchange (LSE), trading in the company's shares.

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For comparison, in 2018 the income of Argo Blockchain was at the level of £ 760,000 ($ 987 thousand).

At the same time, company revenues do not correlate withthe number of bitcoins mined. So, in the third quarter of 2019, Argo Blockchain produced 426 BTC and received a profit of £ 3.63 million, and in the fourth quarter these figures were 432 BTC and £ 2.66 million, respectively.

The company itself explains the decline in quarterly revenue with a fall in cryptocurrency prices, an increase in mining complexity and an unfavorable foreign exchange rate during this period.

It is expected that an audit of the reporting will be conducted by April.

The company currently has 13,364mining devices, including 6,375 Antminer T17s from Bitmain. By the end of the quarter, Argo intends to add another 3,625 ASICs. According to experts, with a full set of 17,000 devices, the amount of computing power Argo Blockchain will exceed 650 petaheches.

Recall that in October 2019, Argo Blockchain doubled the order of new bitcoin miners to 10,000 units to increase mining capacities by 240%.