Argo Blockchain PLC’s (LON:ARB) Peter Wall speaks to Proactive London’s Katie Pilbeam about their record profits and revenues from its cryptocurrency mining operations for the third month in a row.
He says the ‘key metric to look at is what is happening with mining difficulty, which determines our profitability and our mining margin, which for the quarter was over 80% and for March was 84%…. which is ridiculous!’
During the month it had mined 165 Bitcoin and Bitcoin equivalent (BTC), up from 129 BTC in February and taking the total mined in the first quarter of 2021 to 387 BTC.
Mining revenues in March rose to £6.57mln from £4.34mln in February and to £13.4mln for the quarter as a whole.
Wall also talks about ‘the first step in a multi-step process’ in regards to their deal with DMG Blockchain Solutions, a blockchain and cryptocurrency technology firm, to launch the first Bitcoin mining pool powered exclusively by clean energy.