Argo Blockchain posts strong Q2 performance in crypto mining segment
UK-based cryptocurrency miner – Argo Blockchain – unveiled its Q2 2019 mining report with over-expectation results.
Earlier, the company forecast an upturn in mining performance citing soaring bitcoin. By now, the management expresses hopes for the results to take roots above the previous targets.
"The Company now expects to generate 161 BTC, or GBP1.38m of crypto assets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market. "
According to the released data, income from the company's mining business went up amid more expensive bitcoin. The increase amounted to 24% m-o-m.
Mike Edwards, executive chairman of Argo, commented on the Q2 results:
"Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with strong momentum to deliver further growth and improving mining efficiency."
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