4th Feb 2020 14:50
(Alliance News) - Argo Blockchain PLC on Tuesday said it is ahead of schedule in achieving its production goal following a "strong" start to 2020.
The cryptocurrency company said it mined 247 bitcoins in January, generating revenue of GBP1.6 million. Argo highlighted that mining in January was "more effective" than in December, despite increasing algorithmic difficulty.
Looking ahead, the AIM-listed company said it is ahead of schedule to achieve its goal to bring 17,000 machines into production by the end of the first quarter of 2020. It now has 16,500 machines in production, representing 630 petahash of mining power.
"We have made a strong start to the year and these results reflect Argo's position as one of the most efficient crypto miners in the market," said Chief Executive Peter Wall.
"Having successfully executed this significant capital investment programme ahead of schedule and on budget, we are in a great position to benefit from improving industry conditions," added Wall.
Argo shares were trading 3.3% lower in London on Tuesday at 6.33 pence each.
By Evelina Grecenko; [email protected]
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