PLC () has seen sales of its
crypto mining subscription packages beat its targets by “a
significant margin ahead of schedule” as growth continued to exceed
supply and its own expectations.
In a trading update, the crypto mining services provider said
the total number of sold packages had increased 146% from 1 October
to 10,325 on 4 December after a new batch of packages sold out
immediately upon release.
As a result, the firm said its target for package sales by
January 2019 had been beaten by a significant margin and ahead of
schedule, with its annualised revenue run-rate now expected to be
US$6.2mln (£4.8mln), up from US$0.26mln when it listed on the
London main market in August.
Argo added that its net cash balance amounted to around £15mln
as of 30 November.
Mike Edwards, co-founder and director of Argo, said that despite
a recent downturn in the cryptocurrency market, the company was
“continuing to experience a strong ramp-up in revenues due to good
execution of our growth strategy”.
He added that demand for the company’s packages “continues to
exceed supply” but the company looked “to the future with
confidence”.
The ramp-up in package sales follows an expansion of the
company’s mining capacity in early September when it introduced new
server technology allowing it to support seven-times more
subscribers.