Argo Blockchain PLC cranks up production in February
Peter Wall, the CEO of Argo Blockchain, has agreed to be paid in Bitcoin henceforth
() has been burning the (figurative) midnight oil, mining 129 Bitcoin (or equivalent) in February, up from 93 in January.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to £4.34mln, compared to January’s £2.48mln.
Argo generated this income at an average monthly mining margin of about 81% for the month of February (January 2021: 71%), the cryptocurrency miner told investors.
At the end of February, the company held 599 Bitcoin + Bitcoin equivalent.
The company’s total mining capacity stands at 1,075 petahash (a quadrillion hashes per second, with a hash being a number-crunching algorithm that generates an alphanumeric string).
“I’m delighted that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81% is absolutely amazing, and we continue to add to our BTC HODL [holding of Bitcoin + equivalent],” said Peter Wall, chief executive (CEO) of Argo.
“I’m also pleased to be the first publicly-traded company that we know of to have their CEO paid in Bitcoin,” he added.
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