BTC Wires

Argo not affected by Covid-19, breaks its own records in Q1 2020

The mining firm listed by London Stock Exchange named Argo Blockchain has broken its records for Bitcoin mining (BTC). The company is not affected by the adverse impact of COVID-19 pandemic causing ill effects in the other markets.

On the 6th April, Argo revealed they had mined 337.5 Bitcoin in February and 33.8 Bitcoin in March as published in the reports by Argo as an operational update. During the first three months of the year 2020, the amount of Bitcoin was 918 Bitcoin which is a record of a new record for the company. The number is around double the amount it has been recording for the last three months of 2019.

Everything is normal for Argo

As updated by the company, Argo states that its mining operations in North America are not really impacted by the effects of the Coronavirus. The company also states that Argo’s staff and the management are been working remotely on the projects and hence all the mining facilities are running as they were running before the COVID-19 outbreak.

Peter Wall, CEO of Argo states that the company is delivering whatever is expected from it which are some of the best mining margins in the industry according to him. Mining revenue generated by Argo in the month of March was about £1.8 million ($2.22 million) which was just slightly down from the revenue generated in February which was £2.5 million ($3.08 million)

Argo states that in the month of March, the mining margin was among the most efficient in the market as the revenue clocked in with 42% as its mining margin. Argo states that the slight decrease in the revenue month-on-month as there is an algorithmic increase in mining Bitcoin early in the month of March, as there was a steep decline in the value of cryptocurrency during the second week of the month.

Increasing capacity

In the first three months of the year 2020, Argo generated revenue of £6 million ($7.67 million). The company also reveals that the order that it received of 1,000 Bitmain Antminer S17+ machines is not affected by the coronavirus breakdown as it remains on the track and will be installed by the end of April as expected. The new machines are expected to increase Argo’s total Bitcoin mining capacity by 10% by bringing it to roughly 730 PETA hashes (PH). There will be a pressure of Bitcoin’s halving on the mining sector, scheduled to occur around May, which will reduce mining rewards by 50% as per the reports.