Argo, a leading UK-based provider of cryptocurrency mining services (LSE:ARB), is pleased to announce continuing strong growth as sales of its subscription packages continue to exceed
The total number of sold packages increased by 146 per cent from 4,200 as at 1 October to 10,325 as of today after a new batch of mining packages sold out immediately on release to the market. As a result, the Company’s target number of packages by January 2019 has been beaten by a significant margin ahead of scheduleArgo estimates its current annualised revenue run-rate at approximately $6.2m (£4.8m), up from $0.26m at the time of its London stock market listing in August 2018. Net cash amounted to approximately £15m as at 30th November.
Mike Edwards, co-founder and director of Argo, said: “Argo has come a long way since its inception only a year ago. Despite a recent downturn in the cryptocurrency market, we are continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy.
“Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply. With a strong balance sheet and prudent management of our investment in growth, Argo’s long-term prospects remain bright and we look to the future