Argo Blockchain, a digital currency miner, has reported a substantial increase in average monthly mining margin. According to the firm, the average monthly mining margin for November was 57% which is more than that of October. In October 2020, the average monthly mining margin of the firm was at 40%.
This huge increase in the monthly mining margin of Argo Blockchain is due to the surge in Bitcoin price, as it rallied by 45%. Due to this increase, the whole cryptocurrency market has seen a massive surge in their monthly volumes.
Argo Blockchain Also Reported Higher Revenues
According to the reports, Argo Blockchain has reported higher revenue. The total revenue has surged from £1.2 million to £1.48 million. Peter Wall, CEO of the firm, has said that November has been a really exciting month for cryptocurrency miners.
It is believed that the major reason for this surge in Bitcoin price is due to institutional investors. In recent months, there has been a huge increase in investment from institutional investors. Even though the firm is mining less Bitcoin at the moment as compared to October, there have been changes in mining difficulty and Zcash halving. For this year, Argo Blockchain has mined 2,369 BTC in total.
Prioritizing Efficiency in Mining Operations
By the end of November, Argo Blockchain was having 178 BTC, which was worth around $3.5 million. There has been a huge increase as compared to the previous month, October as it was having 137 BTC by October 31, 2020. The mining capacity has also seen a surge because there has been an increase in machines. Wall said:
“At Argo, we are continuing to prioritise efficiency in our mining operations, and this has enabled us to increase our revenue by 23% this month and achieve our highest mining margin since the halving earlier this year.”