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Argo reports higher revenue in December as rising bitcoin prices offset decline in output
StockMarketWire.com
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Cryptocurrency miner Argo reported higher revenue in December as a surge in bitcoin prices offset a decline in monthly mining output in December.
During the month of December, Argo mined 96 Bitcoin or Bitcoin equivalent, compared with 115 Bitcoin Equivalent in November, taking the total amount of BTC mined year-to-date to 2,465 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in December amounted to £1.63 million, up from £1.48 million in November.
Argo generated this income at an average monthly mining margin of approximately 60% for the month of December, up from 57% in November.
At the end of December, the company held 209 BTC in Bitcoin and BTC equivalents.
The company's equipment leasing agreement with Celsius Network, which was set to deliver 4,500 Bitmain Antminer S19 and S19 pro miners, was on schedule, the company said.
The machines were expected to be fully operational by February 2021 and would add approximately 430 petahash to the company's installed computing power.
At 9:37am: (LON:ARGO) Argo Group Ltd share price was 0p at 18.5p
Story provided by StockMarketWire.com
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