{"id":361273,"date":"2021-11-02T08:01:52","date_gmt":"2021-11-02T05:01:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/argo-blockchain-mines-record-597-btc-during-q3-2021\/"},"modified":"2021-11-02T08:01:52","modified_gmt":"2021-11-02T05:01:52","slug":"argo-blockchain-mines-record-597-btc-during-q3-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/argo-blockchain-mines-record-597-btc-during-q3-2021\/","title":{"rendered":"# Argo Blockchain mines record 597 BTC during Q3 2021"},"content":{"rendered":"<p>&#8220;<strong># Argo Blockchain mines record 597 BTC during Q3 2021   <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvODI0NDc1OWMtMDkxOC00ODlhLWJjZjMtNGEwMDgyYWIyYjM4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Cryptocurrency mining firm Argo Blockchain has just released its Q3 financial report detailing record setting revenues for the period.<\/p>\n<p>The London headquartered company reported that it had mined 597 BTC and \u201cBTC equivalents\u201d during the third quarter of 2021. At current prices, Argo\u2019s Bitcoin haul would be worth roughly $36.5 million.<\/p>\n<p>As of Sept. 30, the firm had amassed holdings of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20211101005985\/en\/Argo-Blockchain-Reports-Record-Level-Third-Quarter-2021-Operating-Results\">1,836<\/a> BTC (roughly $113 million at current prices).<\/p>\n<p>Argo also reported a gross margin of 120% and a mining net margin of 85%, estimating it cost the firm just $6,293 to mine each Bitcoin on average. Overall, the firm generated a record revenue of $26 million and pocketed $17.3 million in net profits.<\/p>\n<p>For the nine months ending on Sept. 30, the firm\u2019s revenue and net income were $67.9 million and $27.1 million respectively. In the first half of 2021, Argo reported a revenue of $42.3 million. <\/p>\n<p>CEO Peter Wall attributed the profitable period to growth from its Helios facility in Texas and Sept. 23 IPO on the Nasdaq, stating: <\/p>\n<blockquote><p>\u201cFrom breaking ground on our sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo continues to scale,\u201d<\/p><\/blockquote>\n<p>In March, Argo purchased a 320 acre plot of land in Texas to expand its mining operations and provide it with 200 megawatts of renewable energy. In August, the company claimed that its crypto operations had become \u201cclimate positive\u201d for a number of greenhouse gas emission categories.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Industrial Bitcoin mining breathes new life into tiny Texan town<\/em><\/strong><\/p>\n<p>On Sept. 30, the company entered into a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines for the new facility. Delivery is expected in the second quarter of 2022 and the new hardware will increase Argo\u2019s total hashrate capacity to around 3.7 Exahashes, up from 1.07 at the end of Q3, 2021.<\/p>\n<p>On Sept. 10, Cointelegraph reported that Argo had secured a $25 million Bitcoin-backed loan from venture firm Galaxy Digital. This follows a similar BTC-backed loan for $20 million it secured in June. The funds will be used to further develop its Texas facility.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The London headquartered company reported that it had mined 597 BTC and \u201cBTC equivalents\u201d during the third quarter of 2021. At current prices, Argo\u2019s Bitcoin&#8230;<\/p>\n","protected":false},"author":1,"featured_media":361274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvODI0NDc1OWMtMDkxOC00ODlhLWJjZjMtNGEwMDgyYWIyYjM4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,6474],"class_list":["post-361273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-texas"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=361273"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/361274"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=361273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=361273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=361273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}