() has reported an eleven-fold increase in revenues for 2019 following a 306% increase in its cryptocurrency mining capacity.
For the year ended December 31, 2019, the firm said that its operating loss had been reduced by 80% to £830,000 as its revenues rose to £8.62mln from £760,000 in 2018.
READ: Argo Blockchain jumps as it mines record number of Bitcoin in first three months of 2020
The company also said it had mined around 1,330 Bitcoin (BTC) over the course of the year, while it had ended the period with 7,000 pieces of mining hardware which had increased to 17,000 in the first quarter of 2020.
Looking ahead, Argo said its mining infrastructure is set to rise to 18,000 machines shortly and that it remains on track for “strong growth” in the first half of 2020.
While the company said trading conditions were “likely to remain dynamic amid social and market uncertainty related to the [coronavirus] pandemic and the upcoming halving of the price of BTC”, it added that it is “well-positioned to benefit from a sustained improvement in the Bitcoin price and mining conditions”.
“Despite challenging trading conditions in 2019 we have successfully executed a strategic transition from a consumer-facing business to emerge as a significant cryptocurrency miner listed on a leading international exchange”, Argo’s chief executive Peter Wal said in a statement.
“Having completed a major expansion of our mining infrastructure Argo is on track to deliver strong growth in the first half compared with the corresponding period last year. We entered 2020 with considerable business momentum and an efficient mining platform which puts us in a favourable competitive position to navigate the evolving and dynamic cryptocurrency ecosystem”, he added.