We entered 2020 with considerable business momentum and an efficient mining platform which puts us in a favourable competitive position to navigate the evolving and dynamic cryptocurrency ecosystem
Peter Wall, chief executive
What it does
Crypto mining is the process of using powerful computers to solve complex mathematical equations and validate transactions on a decentralised ledger system known as a blockchain.
These transaction ‘blocks’, once they are completed, reward the miner with cryptocurrency such as Bitcoin for their efforts.
Argo uses large banks of computers to mine large amounts of cryptocurrency which can then be sold for fiat money.
How it's doing
In an update for April, the miner said it had installed 1,000 Bitmain Antminer S17+ mining machines, taking its total capacity to around 18,000 machines, a 244% increase in power from the end of last year.
During the month, Argo said it mined 319.2 Bitcoin, down from 333.8 in March. The firm also reported revenues from its mining activities of £1.8mln, flat month-on-month, while mining margins declined to slightly to 39% from 42%.
For the first four months, Argo reported that it had mined 1,237 Bitcoin, a 122% increase over the previous four months.
For the year ended 31 December, the company reported that its operating loss had been reduced by 80% to £830,000 as its revenues rose to £8.62mln from £760,000 in 2018.
The company also said it had mined around 1,330 Bitcoin (BTC) over the course of the year.
- In May, the company announced the appointment of James Savage as its new CFO
- In late January, Argo appointed non-executive director Ian MacLeod as its executive chairman with immediate effect
- In January, the company mined 247 bitcoins in January, generating revenues of £1.63mln
- The company has appointed Peter Wall, one of its co-founders and current vice president of operations, as its new chief executive
What the boss says: CEO Peter Wall
"Despite challenging trading conditions in 2019 we have successfully executed a strategic transition from a consumer-facing business to emerge as a significant cryptocurrency miner listed on a leading international exchange."
"Having completed a major expansion of our mining infrastructure Argo is on track to deliver strong growth in the first half compared with the corresponding period last year. We entered 2020 with considerable business momentum and an efficient mining platform which puts us in a favourable competitive position to navigate the evolving and dynamic cryptocurrency ecosystem."