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British cryptocurrency miner Argo Blockchain increased its revenues by 23% in November.
The London Stock Exchange listed company’s mining revenue for the month was £ 1.48 million, compared to £ 1.2 million in October, generated with an average monthly mining margin of around 57% for November.
This despite a slight reduction in the company’s actual Bitcoin mining data in November compared to October, “due to changes in mining difficulty and the Zcash halving that occurred on November 17,” according to a press release from the company today.
“This has been an extremely exciting month for cryptocurrency miners,” said Peter Wall, CEO of Argo from January of this year in a statement, adding, “We have seen Bitcoin’s value soar exponentially to over GBP 14,000 as investors and payment service providers are turning their interest to cryptocurrencies.”
Wall said, “At Argo, we continue to prioritize efficiency in our mining operations and this has enabled us to increase our revenues by 23% this month and reach our highest mining margin from halving to. beginning of this year “.
Argo’s operational update followed a report published by PricewaterhouseCoopers (PwC), Time for trust: the trillion dollar reason to rethink the blockchain, in October, stating that “blockchain technology has the potential to increase global GDP by $ 1.76 trillion over the next decade.”
PwC’s global blockchain leader and UK partner Steve Davies noted in a statement that “blockchain technology has long been associated with cryptocurrencies like Bitcoin, but there is so much more it has to offer, particularly in the way where public and private organizations secure, share and use data “.
In October, Argo pursued a capital investment program, placing it “in pole position to benefit from improving conditions in the sector,” according to an operational update released on November 5.
Argo’s half-year 2020 financial results, published on 9 September, have already shown improved revenues compared to the first half of 2019, reflecting the increase in Argo’s production, after expanding its 260 production base. % to 18,000 machines this year, compared to 5,000 machines in the first half of 2019.
In January of this year, the Winklevoss twins gave Clifford Chance instructions on a launch of cryptocurrency insurance.
