British cryptocurrency miner Argo Blockchain increased its revenues by 23% in November.
The London Stock Exchange-listed company’s mining revenue for the month totalled GBP 1.48 million, compared to GBP 1.2 million in October, generated at an average monthly mining margin of around 57% for November.
This is despite a slight reduction in the company’s actual Bitcoin mining figures in November compared with October, “due to changes in mining difficulty and the Zcash halving which took place on 17 November” according to a company press release today.
“This has been an extremely exciting month for cryptocurrency miners” said Peter Wall, Argo’s CEO since January this year in a statement, adding: “We have seen the value of Bitcoin climb exponentially to over GBP 14,000 as investors and payment service providers are turning their interest to cryptocurrencies.”
Wall stated: “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.”
Argo’s operational update has followed a report published by PricewaterhouseCoopers (PwC), Time for trust: The trillion-dollar reason to rethink blockchain, in October, stating that “blockchain technology has the potential to boost global GDP by USD 1.76 trillion over the next decade”.
PwC global blockchain leader and United Kingdom partner Steve Davies noted in a statement that “blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organisations secure, share and use data”.
In October, Argo carried out a capital investment programme, placing it “in pole position to benefit from improving industry conditions” according to an operational update released on 5 November.
Argo’s half year 2020 financial results, released on 9 September, already showed improved revenues compared with the first half of 2019, reflecting Argo’s increase in production, after expanding its production base by 260% to 18,000 machines this year, compared with the 5,000 machines in the first half of 2019.
In January this year, the Winklevoss twins instructed Clifford Chance on a cryptocurrency insurance launch.