Mining revenue for the month amounted to £5.2mln compared to £4.15mln the preceding month Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR
Mining revenue for the month amounted to £5.2mln compared to £4.15mln the preceding month
Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) announced the appointment of a new chief operating officer after a month when its bitcoin mining output increased.
New COO Seif El-Bakly brings over 16 years’ experience in the capital markets and trading sectors, most recently after founding social fintech WITH.
Before that he spent over six years at $6bn TMX Group (TSX:X) Ltd, finishing as head of strategy, corporate development and business management for the markets business.
Argo, meanwhile, mined 163 bitcoin or bitcoin equivalent (BTC) during March, up from 135 BTC in February.
Mining revenue for the month amounted to £5.2mln (US$6.9mln] compared to £4.15mln the preceding month, based on daily foreign exchange rates and cryptocurrency prices during the month.
This income was generated at mining margin of approximately 74%, versus 71% in February and in line with January.
At the end of March, the company owned 2,700 bitcoin, of which 259 were BTC equivalents, up from 2,685 and 246 a month earlier.
Argo said its 200MW Helios cryptocurrency mining facility in Texas has continued to make progress towards beginning mining operations before the end of the second quarter, with immersion pumps, air coolers, transformers, power distribution units, pallet racks and fibre internet connection installed.
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