Miner Argo Blockchain Reports Record Profit Amid Bitcoin Price Boom

London Stock Exchange-traded miner Argo Blockchain announced record profits in its Q2 earnings report, per a press release. The bitcoin mining firm now holds over 1,100 bitcoin worth $50 million.

Notably, Argo vastly increased its bitcoin holdings to 1,268 BTC over the quarter, up from 127 BTC in Q2 2020, which indicates the firm’s increased capacity to hold bitcoin rather than sell it to cover production expenses.

The strategy of many bitcoin miners and bitcoiners has been to acquire as much bitcoin as possible and to hold it indefinitely.

Leave a Reply

Your email address will not be published. Required fields are marked *