(Alliance News) - Argo Blockchain PLC on Tuesday said it remains focussed on further revenue growth in the reminder of the year following strong performance in the third quarter.
Argo said it generated revenue of GBP3.6 million from its cryptocurrency mining operations in the three months to the end of September, a 75% increase quarter-on-quarter, thanks to a mining margin of 73%, which the company believes to be "one of the highest efficiency rates" in the market.
This margin was achieved despite a rise in mining difficulty and network hash rates, as well as a recent softening in the Bitcoin price, Argo highlighted.
During the third quarter Argo said it adopted a policy to exchange its mined Bitcoins into "fiat currency" on a regular basis to avoid additional exposure to Bitcoin pricing.
Fiat currency refers to government-issued currency that is not backed by a physical commodity with intrinsic value, such as gold or silver. The dollar, the pound, the euro and all other major currencies are fiat currencies.
Argo's total number of machines in production as at September 30 stood at 6,000, and the company said it is on track to install 6,000 more machines, currently on order, before the end of the year.
"We are delighted with the mining results in the third quarter which, together with strong cash management, have helped us to maintain a robust balance sheet," said Executive Chair Mike Edwards.
Looking ahead, Edwards added: "We remain focussed on our revenue and bottom line, while executing our growth strategy to become the world's largest publicly listed miner next year."
Argo shares were trading 1.8% higher on Tuesday in London at 8.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Argo Blockchai. (ARB)