Argo Blockchain Generates Record Revenue of $26 Million in Q3 2021
Nasdaq-listed sustainable crypto mining and blockchain firm, Argo Blockchain recently published its financial results for the third quarter of 2021. In Q3, the company generated record revenues of $26 million (£19.3 million).
Additionally, Argo Blockchain reported a net income of $17.3 million. EBITDA for the latest quarter came in at $28.2 million. During Q3 of 2021, Argo Blockchain mined a total of 597 Bitcoin and BTC equivalents. The company also provided an update on its Texas mining facility.
For the first nine months of 2021, Argo’s revenue, net income and EBITDA reached $67.9 million, $27.1 million and $49.8 million, respectively. The crypto mining and blockchain firm expanded its mining capacity during the nine months ended on 30 September 2021.
“From breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo continues to scale,” stated Peter Wall, Chief Executive Officer of Argo Blockchain. “I am proud of the growth we experienced during the quarter and believe Argo is strategically positioned to continue this momentum as we build out our Helios facility in Texas.”
Overall, the BTC mining industry saw record growth in revenues during the first three quarters of 2021, which was mainly due to a rapid jump in its price. Despite different challenges, including China’s crypto mining ban, the mining sector saw sustainable growth. Furthermore, Argo’s Bitcoin holdings increased in the latest quarter. The Nasdaq-listed company is now holding 1,836 BTC.
“Argo has been able to achieve these results while maintaining a gross margin of 120% and an industry-leading mining margin of 85% with an average direct cost per BTC mined of $6,293 (£4,673). On 30 September 2021, Argo executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines for the mining facility it is building in Texas. The machines are expected to be delivered starting the second quarter of 2022,” Argo added in the latest press release.
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