The Argo blockchain has fared remarkably well during these testing times. It mined 918 Bitcoin, which is double the amount which was extracted in the previous quarter. Argo blockchain notes that the numbers are staggering especially given the coronavirus crisis which has impacted the operation of so many firms.
In the first three months of the year, Argo blockchain provides an update and also added that in March itself it had mined 333.8 BTC, slightly lower compared to 337.5 in February.
The company also experienced a small decline in March compared to February, but its still decent numbers. Argo generated Euro 2.5 million in February, and the previous month it was euro 1.8 million. The primary cause for this decline is the market meltdown endured in March, as the fall in bitcoin prices led to increasing algorithm difficulty in mining.
The total amount of revenue generated in the first three months is euro 6 million.
Argo Blockchain is planning big things in future to enhance their mining capacity further. Its has already placed an order for 1,000 Bitmain Antiminer, which remains well on course and would be installed by month's end. The new software is expected to increase BTC mining capacity by 10%.
Peter Wall, the chief executive of the company boasted that despite the current challenging corona crisis which has impacted major firms and many of them have witnessed record losses, Argo blockchain sticks out like a sore thumb. He believes one of the biggest reasons that the company has managed to pull off these profits and revenues in such turbulent times is it's elite mining expertise and infrastructure.
It is safe to say that there are not a lot of companies out there who are dealing with profits right now. A blockchain firm to still come up with such numbers is definitely a sight to behold, and it gives hopes to the crypto community.
You May Also Read.