Argo Blockchain pocketed a record revenue of $26 million for the third quarter after mining nearly 600 BTC.
Cryptocurrency mining firm Argo Blockchain has just released its Q3 financial report detailing record setting revenues for the period.The London headquartered company reported that it had mined 597 BTC and “BTC equivalents” during the third quarter of 2021. At current prices, Argo’s Bitcoin haul would be worth roughly $36.5 million.As of Sept. 30, the firm had amassed holdings of 1,836 BTC (roughly $113 million at current prices).Argo also reported a gross margin of 120% and a mining net margin of 85%, estimating it cost the firm just $6,293 to mine each Bitcoin on average. Overall, the firm generated a record revenue of $26 million and pocketed $17.3 million in net profits.For the nine months ending on Sept. 30, the firm’s revenue and net income were $67.9 million and $27.1 million respectively. In the first
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