Argo now has 16,500 machines in production representing 630 petahash of mining power.
(), the cryptocurrency miner, mined 247 bitcoins in January, generating revenues of £1.63mln.
The company said mining was more efficient in January than in December despite increasing algorithmic difficulty. Argo remains ahead of schedule in its aim to bring 17,000 machines into production by the end of March, with 16,500 machines now grinding their way through calculations to produce “blocks” of verified transactions that are added to the blockchain.
“We have made a strong start to the year and these results reflect Argo’s position as one of the most efficient crypto miners in the market. Having successfully executed this significant capital investment programme ahead of schedule and on budget, we are in a great position to benefit from improving industry conditions,” said Peter Wall, the chief executive of Argo.