thecoinrise.com
Argo Blockchain Plc, a London-based cryptocurrency mining company has released its operational update for the month of October, showcasing a resilient growth from the prior month. Per the data shared, the company’s mining revenue soared 32% in October from the month before to £7.24 million ($9.75 million).
The company said it mined 167 BTC, adding an extra 2 BTC to the coins it mined in September. In the year-to-date period, Argo Blockchain confirmed it has mined a total of 1,646 BTC. The company’s efforts to bolster its mining operations were reflected in its addition of 220 PH/s to its total capacity, bringing the Company’s total mining capacity to 1.295 EH/s as of 31 October 2021.
In line with a growing trend amongst Bitcoin miners, Argo Blockchain appears to be Hodling most of its Bitcoin, of which it has over 2,128 Bitcoin or Bitcoin Equivalent as of the end of the review period. In monetary terms, Argo Blockchain’s total Bitcoin holdings were pegged at $141.23 million based on the current price of BTC at $66,370.79 per data from CoinMarketCap.
Argo Blockchain and the Emphasis on Expansion
Argo Blockchain comes off as one of the dominant Bitcoin mining firms in the United Kingdom, however, the company has started pushing for markets in new jurisdictions. The company is currently building a mining facility in West Texas to capture the North American market. The infrastructure was bankrolled using a credit facility of £18 million ($25 million) obtained from Galaxy Digital Holdings Ltd which expired at the end of October.
The company’s expansion drives extend beyond the mining operations and into the firm’s investor base. Argo Blockchain conducted a secondary listing on the Nasdaq Global Select Market where it is trading under the ‘ARBK’ ticker symbol. The firm’s capitalization is pegged at £618.42 million.
As reported by TheCoinRise, Argo Blockchain has had a good year thus far, evident in all of its funding toward expansion leading to the acquisition of more than 20,000 miners earlier this month. Atop the many upshoot in mining operations, the company’s October performance was fueled by the reported total of 597 BTC mined in the third quarter