London-based bitcoin mining company Argo Blockchain announced a 1,000% revenue increase in 2019 to $10.7 million.
According to a report by BDaily, the London Stock Exchange-listed bitcoin miner reported on Wednesday its full-year 2019 revenue, which rose from $948,000 to $10.7 million. Argo’s total earnings for the year came out to $1.74 million in 2019, compared to $4.56 million in losses the year before.
Argo claimed the skyrocketing revenue was due to a significant investment in mining equipment. The company increased its number of active rigs from 10,000 to 17,000 by Q1 2020. Argo also restructured its business away from mining-as-a-service to directly mining crypto-assets for profit.
Peter Wall, CEO of Argo Blockchain, said of the company’s success,
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.
He continued, saying the company was on track to deliver “strong growth” in the first half of 2020 compared to the year before.
Argo is currently listed with a market value of $17.1 million.
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