UK's Largest Bitcoin Mining Company Increases Its Bitcoin Holdings by 30%

According to latest reports, Argo Blockchain, a leading Bitcoin mining company in the United Kingdom, has increased its Bitcoin reserves by 30%.
As of the end of November, at the time of writing, the company’s Bitcoin mining equipment had produced a total of 178 Bitcoins, worth approximately $3.4 million.

Revenue surged 23%

Argo Blockchain's shares are traded on the London Stock Exchange (ARB). It is the first Bitcoin mining company to be publicly listed on an exchange.

Argo held a landmark initial public offering in August 2018, USA Today reported. It raised $32 million, exceeding its initial goal of $25 million.

Last month, Argo’s revenue grew 23% to $1.98 million, even as the company’s mining operations generated slightly less bitcoin.
The company’s CEO, Peter Wall, claimed that the company has managed to achieve its highest mining profit margins since May due to its focus on improving operational efficiency:

At Argo, we continue to prioritize efficiency in our mining operations, which has enabled us to grow revenue by 23% this month and achieve our highest mining profit margins since the halving earlier this year.

Exciting times for miners

Peter Wall said November was a “very exciting” month for miners due to Bitcoin’s historic rally:

It has been a very exciting month for Bitcoin miners. As investors and payment service providers turn their interest towards cryptocurrencies, we have seen the value of Bitcoin increase exponentially, surpassing £14,000.

The top cryptocurrency by market cap has risen more than 165% over the past week and is currently trading at $19,236.