Argo Blockchain, a cryptocurrency mining company, has issued its third-quarter financial report, outlining record-breaking revenue.
During the third quarter of 2021, the London-based corporation claimed mining 597 bitcoins and “BTC equivalents.” Argo’s Bitcoin haul is currently valued at $36.5 million at current pricing.
The company has 1,836 bitcoins (approximately $113 million at current pricing) in its possession as of September 30.
Argo also claimed a sales margin of 120% and a mining net margin of 85%, claiming that each Bitcoin cost the company only $6,293 on average to mine. Significantly, the company made a record $26 million in revenue and profited $17.3 million.
Revenue and net income were $67.9 million and $27.1 million, respectively, for the nine months ended on September 30. Argo made $42.3 million in sales in the first six months of 2021.
The third quarter has been crucial
Growth from its Helios plant in Texas and its Nasdaq IPO on Sept. 23 was credited for the successful time, according to CEO Peter Wall. He said:
“From breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas, to our Nasdaq public listing in the United States, we’ve come a long way. As Argo continues to grow, the third quarter has been crucial.”
Argo bought a 320-acre tract of property in Texas in March to expand its mining activities and add 200 megawatts of renewable energy to its portfolio. In August, the business announced that its crypto operations have become “climate positive” in a number of areas.
For the new facility, the business signed a purchase deal on Sept. 30 for 20,000 Bitmain Antminer S19J Pro machines. Argo’s overall hashrate capacity will grow to roughly 3.7 Exahashes, up from 1.07 at the end of Q3, 2021, with delivery due in the second quarter of 2022.
Argo received a $25 million Bitcoin-backed financing from venture company Galaxy Digital on September 10th, as previously reported. This comes on the heels of a $20 million BTC-backed loan obtained in June. The money will go towards expanding the company’s Texas location.