Argo Blockchain was able to increase revenue for the quarter to more than $ 11 million.

We are talking about a company engaged in mining cryptocurrencies. According to Argo blockchain for the first quarter, the organization was able to make a profit of almost $ 11.5 million. The indicator increased by 15% compared to the previous one.

Reasons for profit growth

During the specified quarter, the company was able to extract 491 bitcoins. The yield from this reached 49 percent. In the last quarter before that, the indicator was only 35%.

At the end of March, the mining firm had more than $ 14 million in its account. As cryptocurrency reserves, the amount was 85 bitcoins. Interim SEO Argo stated that the mining farm was able to reduce operating costs by approximately 70%.

After the main Helios data center in Texas was sold for $65 million, Galaxy Digital began to receive cheaper electric energy.

Also during the quarter, the company received and deployed BlockMiner miner equipment, which ePic produces using Intel chips. The total hashrate was 300 PH/s. 

Argo predicts that after receiving and deploying the equipment, it will help to increase the hashrate to 2.8 EH/s. It should be noted that last year the company was able to end the year with losses in the amount of $ 240 million. In January, there was almost a delisting on Nasdaq, where it held trades starting in 2021.

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