GCIARGO Blockchain breaks its own records and strengthens the Board
(LSE: ARB ) April Update stated the Company mined 319.2 BTCe during the month of April taking the aggregate mined in the first four months of this year to 1,237 BTCe, a record level for Argo and a 122% increase over the previous four months.
April Mining Update
Mining conditions in April were slightly harder as algorithmic difficulty increased twice in the month resulting in a mining margin of 39% (March 2020: 42%).
Based on daily cryptocurrency prices and US$:£ FX rates during the month, mining revenue for the 30 days in April was £1.8 million (31 days of March 2020: £1.8 million). Aggregate revenue for the first four months of 2020 was therefore £7.8m compared to £8.6m for the whole of 2019.
Petahash Capacity
The Group confirmed that the 1,000 Bitmain Antminer S17+ machines ordered at the beginning of the year are now installed and in production this week.
This brings total installed mining capacity to approximately 18,000 machines generating 730 Petahash, a 244% increase in hashpower from the end of FY19.
Directorate Change
Argo also announced Timothy Le Druillenec is stepping down as chief financial officer to become a non-executive director of the Group with immediate effect.
He is succeeded by James Savage who will take over as finance director and is based in the UK. James is a member of the Association of Chartered Certified Accountants and brings seven years' private practice experience in auditing and corporate finance across capital markets in the UK, US and Canada.
With International experience across audits of large multinational groups and valuations for investment funds, James will be a perfect fit for Group financial reporting, business analysis and financial forecasting to help investors understand the wider investment case for the Group.
Combined with the recent appointment of Ian MacLeod as Non-Executive Chairman in January 2020, this strengthening of both the executive and Non-Executive Board illustrates the Group’s intent for the current financial period and beyond.
Shares in ARB have traded off lows of 3.1p at the beginning of April to open today at 5.4p following the April Update.
Peter Wall, chief executive of Argo, said: "I would like to thank Timothy for his invaluable contribution to Argo's rapid advance from start-up and London stock market listing to its current position as a leading UK based cryptominer. I would also like to welcome James, who brings strong financial reporting experience and look forward to working with him to take Argo to the next level."
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.