Bitcoin Miner Argo Upwardly Revises Profit Outlook

Argo Blockchain, a Bitcoin (BTC) mining operator headquartered in the UK, exceeded its own second-quarter forecasts due to exceptional price rally. Argo had earlier stated that it will benefit from Bitcoin price rally. Now, the company believes that it will better its earlier estimates.

In its press release, Argo has provided the following revenue estimates:

“The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company’s May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.”

Even though Bitcoin has fallen below $10,000 level once again, the mining sector has recorded overall gains in the past few months. The mining business, however, is turning out to be extremely competitive as newer methods are being introduced to capitalize on the opportunity.

Earlier this week, Germany based Northern Bitcoin disclosed that it has bought 5,000 ASIC miners to expand its operation. Notably, Argo is scheduled to take delivery of 2,500 ASIC miners by the end of third-quarter of this year.

The press release further elaborated on mining yields as follows:

“Mining yields from existing hardware in operation have improved in line with a strongly rising Bitcoin (BTC) price, which has increased by approximately 24% since the last operational update on 3 June 2019.”

Regarding third-quarter expectations, CEO Mike Edwards said “As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.”