Argo, which previously said it had benefited from the upturn in bitcoin prices, said revenues would continue to improve over previous estimates.
“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.”
As Cointelegraph reported, the market is becoming more competitive than ever before, with companies eager to corner activity using ever more efficient methods.
“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,” the report added.
CEO Mike Edwards commented:
“As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.”