U.K.-listed crypto mining company Argo Blockchain has reported revenues up 75% in Q3, despite the decline in the price of most cryptocurrencies over the period.
The firm, which became the first crypto mining company to list on the London Stock Exchange, posted revenues of £3.6 million ($4.42 million) in the period to September 30. The figures represent a gain of 75% on revenue from the previous quarter, with a 73% margin on its subscription mining business.
Pointing to the company’s “robust balance sheet,” Argo Blockchain executive chairman Mike Edwards said ongoing investment would cement their place as the world’s largest crypto mining company.
Our investment in the most advanced mining hardware on the market continues to provide us with a competitive edge even as mining conditions become more challenging.
According to Edwards, advantageous electricity costs and tighter control on costs have helped the firm maximize margin, with plans to install a further 6,000 hardware mining units by the end of the calendar year.
The revenues come at a time of falling cryptocurrency prices, led by the ongoing collapse in BTC, down over 25% on the quarter. Analyst consensus suggests the crash followed an overbuying frenzy in the first half of the year, which saw prices rise 150% without justification.
Throughout the downturn, the figures show Argo has continued to mine at the same volumes, with mining activity remaining profitable for the firm despite a 45% year-to-date downturn in crypto prices.
Over the same period, the BTC mining hashrate had continued to spiral, with miners still drawn to the legacy coin despite the collapsing price.
The results come alongside positive analysts forecasts for the firm, with some projecting “significant upside” for the company over the remainder of the year.
Analysts Mirabaud projected that monthly earnings at Argo would increase to £1.6 million once it had added the 6,000 additional mining units, while predicting 41% more BTC tokens will be mined over the remainder of this year.
Taken in aggregate, the projections forecast more good news for Argo Blockchain to come, despite the ongoing undulations of the crypto markets.
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