Cryptocurrency mining company Argo Blockchain has recently reported that the Bitcoin revenue has climbed 23% to £1.48 million, i.e., $1.98 million during November compared to £1.2 million in the previous month.
Argo Blockchain is a London Stock Exchange-listed crypto mining firm headquartered in the United Kingdom. But, the company has faced some mining difficulty in November. And as a result, the mined Bitcoin (BTC) count for November 2020 is less than October.
However, due to the surging prices of the world’s oldest cryptocurrency, Bitcoin, the company’s revenue increased to 23%, as reported on Thursday.
As we all know, Bitcoin’s price soared more than 50% in October and reached a new all-time high of $19,864 in November; the mining firm has extracted nearly 2,369 BTC year-to-dates, which is worth more than $45.7 million as per the coin’s existing prices.
Altogether, Argo has held the equivalent of 178 Bitcoins in reserve towards the end of November 2020.
As mentioned by the CEO of Argo Peter Wall, their mining margin has averaged 57% for the month in review, 40% in October.
Peter further noted that they would continue prioritizing Bitcoin’s efficiency in their mining operations as it has enabled them to increase their revenue by 23% in November. He also said that the company would achieve its highest mining margin as the halving is happening earlier this year.
Argo operates over 16,000 Bitcoin mining rigs that are located throughout North America. This has a mining hash rate of 645 Petahash per second (PH/s). The company also mines several privacy coins like ZCash (ZEC), and it claims that it operates 5% of the global ZEC hash power in total.