(Alliance News) - Argo Blockchain PLC said Monday it saw a slight drop in bitcoin mined in March compared to the previous month.
The cryptocurrency miner said it mined 333.8 bitcoin or bitcoin equivalent in March, down from 337.5 in February.
This takes the total amount of BTC mined during the first three months of this year to 918 BTC, a record level for the company and more than double the amount mined during the previous three months.
Based on daily foreign exchange rates and cryptocurrency prices during the month, Argo said it generated mining revenue of GBP1.8 million during the month. Which is down from GBP2.5 million the previous month.
"Argo generated this income at a mining margin of 42% and the company continues to consider its operations to be among the most efficient in the market. Mining conditions were harder in March as algorithmic difficulty increased early in the month, and bitcoin prices then saw a sharp decline in the second week of the month," Argo added.
The company generated GBP6 million in revenue in the first quarter.
The company also noted its order of 1,000 Bitmain Antminer S17+ machines remains on track.
The new hardware is expected to be delivered and installed by the end of April and will bring Argo's total BTC mining capacity to around 730 petahash, an increase of approximately 10%.
A hash rate is an indicator of a network's health, with a hash being part of a calculation that is needed to verify a bitcoin transaction.
The company's mining operations, which are in North America, have not been hurt by Covid-19, Argo said.
Chief Executive Peter Wall said: "Despite challenging conditions the company continues to deliver some of the best mining margins in the industry. This reflects Argo's high-quality mining infrastructure and expertise."
Shares in Argo Blockchain closed 6.6% higher in London on Monday at 3.89 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Argo Blockchai. (ARB)