British digital currency miner Argo Blockchain reported an average monthly mining margin of 57% for November compared to 40% in October.
Last month was a good one for the price of Bitcoin, as it rallied 45%, and as a result, good for companies working with the cryptocurrency as well.
Argo Blockchain reported higher revenues for the period, recording a surge from £1.2mln to £1.48mln.
“This has been an extremely exciting month for cryptocurrency miners,” Argo chief executive Peter Wall said in a statement.
“WE HAVE SEEN THE VALUE OF BITCOIN CLIMB EXPONENTIALLY TO OVER £14,000 AS INVESTORS AND PAYMENT SERVICE PROVIDERS ARE TURNING THEIR INTEREST TO CRYPTOCURRENCIES.”
Despite the firm mining 115 Bitcoin compared to 126 BTC in October, this has been attributed to changes in the mining difficulty and Zcash halving. In total, the firm has mined 2,369 BTC year-to-date.
As of November 30, the London Stock Exchange-listed company held 178 BTC worth nearly $3.5 million, up from 137 BTC on October 31. The company also has a mining capacity of 16,000, increased from 5,000 machines in the first half of 2019. 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.”
The shares of Argo are trading around $11, up 147% in the past two months