Home News Argo Blockchain increased revenue by 15% in November

Argo Blockchain increased revenue by 15% in November


In November, Argo Blockchain revenue increased by 15% to £8.29 million (~$11.2 million). During the month, the mining company produced 185 BTC or their equivalents, according to a report published on the London Stock Exchange (LSE) website.

For comparison: in October, the company generated 167 BTC, and its revenue was £7.24 million (~$9.75 million). Profit from mining operations also increased by 15%, to £7.13 million (~$9.63 million). Thus, the production margin remained unchanged at 86%.

Since the beginning of the year, the production volume has amounted to 1831 BTC. At the end of the month, Argo Blockchain held 2317 BTC on its balance sheet (~119.25 million at the time of writing).

Increasing the total computing power

In November, the company increased the total computing power of its facilities by 310 PH/s, bringing the figure to 1605 EH/s.

Argo Blockchain shares are listed on the LSE (ticker ARB), in September it received an additional listing on Nasdaq for American depositary receipts (ADR).

Since the opening of the LSE trading session on December 7, ARB quotes have increased by almost 6%, to approximately $1.53 per paper. On the premarket in the USA, the price of ADR fell by almost 12%, to $ 13.52.

Intention to raise $57.5 million

Recall that earlier, Argo Blockchain announced its intention to raise $57.5 million; through the placement of debt securities in the United States.

Argo proposes to sell $57.5 million in 8.75% senior unsecured notes; with a maturity date of November 30, 2026, according to a Securities and Exchange Commission filing dated Nov. 8. The funds will be used to purchase rigs and cover building expenditures at the company’s crypto mining facility in Texas.

In addition, Argo began work on the 200 MW crypto mining plant in July. Also, claiming that the location would provide the firm with “access to up to 800 MW of electrical power” for future operations. If it chose to buy and develop all accessible property. According to a story published Nov. 5, the facility may cost Argo anything from $1.5-2 billion, with the property costing $17.5 million already.

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