Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) generated record revenue in the third quarter, bring in some US$26mln, as cryptocurrency prices enjoyed a strong rally through the three-month period.
The sustainable crypto mining group reported US$17.3mln of net income – also marking a new company record – and reported earnings (EBITDA) of US$28.2mln.
Mining operations created 597 bitcoins and equivalents for the company in the three months ended 30 September and it ended the period holding some 1,836 bitcoins (at today’s price they would be worth around US$113.16mln).
Argo in late September struck a deal to acquire 20,000 new crypto mining machines for a facility being constructed in Texas, which will represent an upgrade in its mining activities. Deliveries of these units are expected in the second quarter of 2022.
Once up and running, the batch of new machines will significantly lift Argo’s mining capability – by compute power, it will see the firm’s hashrate rise to 3.7 exahash from 1.075 at the end of September.
Also in the quarter, Argo floated a series of ADRs onto the Nasdaq.