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Cryptocurrency mining company Argo Blockchain reported recored revenue in the third quarter of the year as bitcoin rallied.
For the quarter ended September 30, revenue, net income and earnings before interest, taxes, depreciation, and amortisation, or EBITDA, were $26.0 million, $17.3 million and $28.2 million, respectively.
During the third quarter, Argo mined 597 Bitcoin and Bitcoin Equivalent (together, BTC), bringing Argo's BTC holding to 1,836 as of September 30, 2021.
Argo has been able to achieve these results while maintaining a gross margin of 120% and an industry-leading mining margin of 85% with an average direct cost per BTC mined of $6,293 (£4,673).
On September 30, 2021, Argo executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines for the mining facility it is building in Texas.
The machines were expected to be delivered starting Q2 2022 and would increase the company's total hashrate capacity to approximately 3.7 Exahash, up from 1.075 at the end of Q3 2021.