Argo Blockchain (ARB) reportedly mined 163 Bitcoin or Bitcoin Equivalent during March 2022 with mining revenue amounting to £5.22m for the month, up from £4.15m in the month prior.
In an operational update released this morning, the cryptocurrency mining company said it had mined 163 BTC in March 2022 compared to 135 BTC mined in February 2022.
As a result, the Company generated an income of £5.22m in March at a Bitcoin and Bitcoin Equivalent Mining Margin of around 74% for the month, up from 71% in February 2022. At the end of March, the Company owned 2,700 Bitcoin, of which 259 were BTC equivalents.
Argo continues its construction of the 200MW flagship cryptocurrency mining facility, Helios, in the Dickens County of Texas. The Group said it has continued to make significant progress on this stage of construction and expects mining operations to commence at Helios in 2Q22.
To date, the Company has successfully installed critical equipment at Helios, including immersion pumps, air coolers, transformers, power distribution units, and pallet racks. Additionally, the fibre internet connection to Helios has now been completed, it noted.
Today, Argo has also announced the appointment of Seif El-Bakly as Chief Operating Officer. Prior to joining Argo, Seif founded a fintech startup and worked for TMX Group, where his responsibilities included leading the strategy and business management efforts for the markets business. He has over 16 years' experience in the capital markets and trading sectors.
Shares in Argo Blockchain were trading 7.58% higher at 71p during late morning trading.
Meanwhile, the Company’s Chief Executive, Peter Wall, recently participated in a panel discussion entitled "Mining the Public Markets" at the Bitcoin 2022 conference in Miami on 7 April. He will also be participating in a panel discussion entitled "Sustainability & Energy Efficiency of Bitcoin Mining" at the virtual Cowen Bitcoin Mining Summit on 12-13 April.
Wall, CEO and interim Chairman, commented: "We are delighted to welcome Seif as our Chief Operating Officer. He will play a critical role in bolstering Argo's senior leadership team and brings a wealth of experience in the trading and capital markets sectors to Argo. As we approach the opening of our Helios facility and significantly scale up our owned and operated mining operations, Seif will be integral in driving the operational performance of Argo."
In a morning research note, analysts at the UK broker firm finnCap forecasts: “At 70p and using a BTC price of $50k in our forecasts, Argo is trading on FY22 multiples of 2.0x EV/Sales, 2.3x EV/EBITDA and 7x adjusted P/E, with +50-80% growth in each metric."
Analysts highlighted that the monthly increase in Bitcoin mined reflects that Argo Blockchain has restored its power consumption following the exceptional weather conditions in Canada and the US in February 2022, while March 2022 mining difficulty remained at 27-28tn.
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