Argo Blockchain has announced that revenue for 2019 has increased by 1,000% compared to 2018.
Argo Blockchain Plc is a bitcoin mining company listed on the London Stock Exchange and therefore has an obligation to disclose its economic performance to investors.
According to reports, revenues in 2019 were about 8.62 million British pounds, equal to about 10 million US dollars. 2018, on the other hand, ended with only GBP 760,000 in revenue, an increase over the following 12 months of almost GBP 8 million.
After these statements, the company’s stock price increased by 4.8%.
Despite this, the company ended the year with a loss of over £850,000, but at least down from the £4.1 million loss of the previous year.
The incredible growth is due to a realignment of operations from mining as a service (MaaS) to proprietary mining. The company now has around 18,000 mining machines and claims to be well on track in 2020.
The company’s CEO, Peter Wall, commented:
“Despite challenging trading conditions in 2019 we have successfully executed a strategic transition from a consumer facing business to emerge as a significant cryptocurrency miner listed on a leading international exchange. The results were achieved in a volatile and uncertain pricing environment for Bitcoin, which began the year at a price around USD3,800, then soared to almost USD12,000 in the second quarter before retracing back to under USD7,000 during the final quarter. Having completed a major expansion of our mining infrastructure, Argo is on track to deliver strong growth in the first half compared with the corresponding period last year. We entered 2020 with considerable business momentum and an efficient mining platform which puts us in a favourable competitive position to navigate the evolving and dynamic cryptocurrency ecosystem”.
Argo Blockchain operates its machines at three sites in Quebec, Canada, where it harnesses the wide availability of low-cost hydroelectric power.
Until December 31st, 2019, the company reported that it had mined 1,330 BTC, thanks to a 306% increase in its mining capacity, which currently amounts to over $12 million.