Argo Blockchain: updates on the mining project
2 min read
Today Argo Blockchain, a leading mining crypto company, published a detailed report containing interesting updates on the quantities of crypto that have been mined throughout 2020.
Operational update for November 2020:
-Mined 115 BTC
-Mining rev was £1.48 m at a mining margin of 57%
-Total amt of BTC mined so far in 2020: 2,369 BTC
-At month-end held 178 BTC or equivalents
-Total mining capacity is 16k rigs: 645 SHA-256 PH + 280 M/S Equihash #ARB #BTC— Argo (@ArgoBlockchain) December 3, 2020
For example, in November alone, Argo Blockchain mined 115 Bitcoin (BTC), compared to 126 BTC in October.
The report also refers to other crypto assets, such as Zcash (ZEC), which saw its new halving in mid-November, and this affected its mining rewards which were reduced by half.
Throughout 2020, Argo Blockchain has mined 2369 BTC, which is a very important figure and which makes the company solid financially as these bitcoin are worth over $45 million at current prices.
To achieve this, Argo Blockchain required a lot of mining power, and in fact the company has 16,000 machines that generate 645 Petahash of power to which must be added 280 M/S of Equihash, and this also translates into high revenue, which in October was 40%, while in November it was 57%.
Mining is still profitable for Argo Blockchain
These figures show that the mining sector is still profitable, not least because the prices of the various assets are continuing to rise, seeing that with the same amount of power used and therefore energy costs, if the price increases then mining activity becomes increasingly profitable.
The company currently holds 178 Bitcoin (BTC).
In short, November was an exciting month for miners, as noted by Argo Blockchain’s chief executive, Peter Wall:
“This has been an extremely exciting month for cryptocurrency miners. We have seen the value of Bitcoin climb exponentially to over £14,000 as investors and payment service providers are turning their interest to cryptocurrencies. At Argo, we are continuing to prioritise efficiency in our mining operations and this has enabled us to increase our revenue by 23% this month and achieve our highest mining margin since the halving earlier this year”.
The post Argo Blockchain: updates on the mining project appeared first on The Cryptonomist.
