In a monthly update, the cryptocurrency miner reported revenues of £1.49mln in August, up from £1.25mln in July, while its average monthly mining margin rose to 44% from 34% month-on-month.
The company said it had mined 166 Bitcoin and Bitcoin equivalent during the month compared to 165 in July, which it attributed to “minor fluctuations in mining difficulty throughout August”. However, Argo said it continues to mine at cost-efficient settings and was “pleased with the overall mining performance given market conditions”.
At the end of the month, the firm said it held 183 Bitcoin and equivalents, in accordance with its asset management strategy, while it has also claimed 100,000 Polkadot tokens which were purchased in the first quarter of 2019 as part of its research and innovation work into hybrid consensus mechanism blockchain projects.
“We are delighted with the continued strong performance of Bitcoin throughout August as the price remains over US$11,000. This increase in value has positively impacted our mining margin and enabled Argo to remain one of the most competitive efficient publicly listed miners globally”, chief executive Peter Wall said in a statement.