Crypto mining firm Argo Blockchain creates more bitcoin

Crypto mining firm Argo Blockchain has posted rising revenues after it created more bitcoin and digital asset prices rose.

The London-listed company mined 163 bitcoin and equivalent assets in in March, compared to 135 in February, Argo told investors on Friday.  

Based on daily foreign exchange rates and cryptocurrency prices, the company said mining revenues had risen to £5.2million from £4.1million in February.

It comes after Bitcoin’s value hit its highest level for 2022 at the end of March, following a fortnight-long period of price growth and a broader resurgence in cryptoassets.

The world’s most valuable virtual currency nudged above $48,000 on 28 March, but it has fallen back since and is trading at around $43,500 today. 

Argo Blockchain shares rose 6.7 per cent to 69.75p in afternoon trading on Friday.

Argo Blockchain has benefited greatly from the growing popularity of cryptocurrencies.

Its shares have gone from just 5p in 2020 to a record of around 300p in February last year.   

At the end of March, the company owned 2,700 bitcoin, of which 259 were bitcoin equivalents, up from 2,685 and 246 a month earlier.

Argo also said construction of its cryptocurrency mining facility in Texas is on track, with air coolers and immersion pumps installed,  and expects its first mining to start in the second quarter.   

The firm has also announced the appointment of Seif El-Bakly as its new chief operating officer. 

The company said El-Bakly has over 16 years’ experience in the capital markets and trading sectors and previously founded a fintech startup and worked for TMX Group.