Argo Blockchain reports surge in income in February as crypto production jumps

Wed, 4th Mar 2020

Cryptocurrency miner Argo Blockchain reported a surge in crypto-mining income in February as the company ramped up the number of mining machines in operation ahead of schedule. The company mined 337.5 bitcoin or bitcoin equivalent during the month of February, a 37% increase on the number of Bitcoin Equivalent mined in January, generating mining revenue of £2.54m, an increase of 56% on its monthly mining income in January. The revenue growth and production arrived as the company's target of 17,000 machines in production by the end of the first quarter of 2020 was met ahead of schedule. The company said it had ordered 1,000 Bitmain Antminer S17+ machines, at a total cost of £1.17m to boost production. The new hardware was expected to be delivered and installed by the end of April and would bring Argo's total BTC mining capacity to around 730 PH, an increase of approximately 10%. At 10:00am: (LON:ARGO) Argo Group Ltd share price was 0p at 24.5p Story provided by StockMarketWire.com

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