The cryptocurrency mining company has seen incredible revenue growth

London-based bitcoin mining company Argo Blockchain has announced a 1000% increase in revenue in 2019 to $ 10.7 million.

According to a report in Daily B, mining company Bitcoin, is listed on the London Stock Exchange, reported Wednesday its revenues for the entire 2019, which increased from $ 948 000 to $ 10,7 millions. Argo’s total profit for the year came to $ 1.74 million in 2019, up from $ 4.56 million a year earlier.

Argo said the increase in revenue was due to a significant investment in crypto equipment. The company increased its number of active installations from 10,000 to 17,000 in the first quarter of 2020. Argo also restructured its business far beyond hardware sales to directly digging in cryptocurrencies for profit.

Peter Wall, CEO of Argo Blockchain, shared the success of the company,

“Despite challenging trading conditions in 2019, we have successfully made the strategic transition from a consumer-focused business to becoming a significant cryptocurrency digger, listed on a leading international exchange.”

Argo currently has a market value of $ 17.1 million.

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