Cryptocurrency mining company, Argo Blockchain, released its third-quarter financial report describing record revenues for that period.
The London-based company said it recovered 597 bitcoin (BTC) and “bitcoin equivalents” in the third quarter of 2021. At current prices, Argos’ bitcoin purchases will be worth about $36.5 million.
As of Saturday, the company has raised 1,836 BTC (about $113 million at current prices).
Argo also reported a gross margin of 120% and a mining net profit of 85%, with an estimated mining cost per bitcoin averaging just $6,293. In total, the company generated record revenues of $26 million and $17.3 million in net profit.
During the nine months ended Saturday, the company generated revenue and net income of $67.9 million and $27.1 million, respectively. In the first half of 2021, Argo’s turnover was $42.3 million.
CEO Peter Wall attributed the profitable period to the growth of the Texas-based Helios venture and the September 23 listing on Nasdaq, saying:
“This quarter was a key quarter as Argo continued to grow, from the opening of a sustainable cryptocurrency mining facility in Dickens County, Texas to our public listing on the US Nasdaq.”
In March, Argo purchased a 320-acre site in Texas to expand mining and provide 200 megawatts of renewable energy. The company said in August that its cryptocurrency transactions have become “climate friendly” for a number of categories of greenhouse gas emissions.
Related: Industrial Bitcoin Mining Breathing New Life in Small Texas Town
On Saturday, the company signed an agreement to purchase 20,000 Bitmain Antminer S19J Pro hardware for the new factory. Deliveries are expected in the second quarter of 2022 and the new devices will increase Argos’ total hash rate to approximately 3.7 EH/s, up from 1.07 EH/s at the end of the third quarter of 2021.
On September 10, Cointelegraph reported that Argo received a $25 million bitcoin loan from venture capital firm Galaxy Digital. This comes on the heels of a similar $20 million BTC-backed loan it took out in June. This money will be used to develop the Texas facility.