London cryptocurrency business increases revenue by more than 1000%

A London cryptocurrency miner has reported that it has increased its revenue by more than 1000 per cent after refocusing its business.

Argo Blockchain announced today that it multiplied its revenue 11-fold in 2019, going from £0.76m to £8.62m.

The company said that the increase was due to its transition from a consumer-facing ‘mining-as-a-service’ business to a proprietary mining model.

It also reported that it increased its amount of mining hardware in production by 306 per cent to 7,000.

Peter Wall, chief executive, commented: “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.

“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.”