Cryptocurrency mining firm Argo Blockchain has just released its Q3 financial report detailing tape-setting revenues for the period.

The London-headquartered company reported that it had mined 597 Bitcoin (BTC) and "BTC equivalents" during the third quarter of 2022. At current prices, Argo's Bitcoin haul would be worth roughly $36.5 million.

Equally of Saturday, the firm had amassed holdings of i,836 BTC (roughly $113 meg at current prices).

Argo also reported a gross margin of 120% and a mining net margin of 85%, estimating information technology cost the business firm only $6,293 to mine each Bitcoin on average. Overall, the firm generated record acquirement of $26 1000000 and pocketed $17.3 1000000 in net profits.

For the ix months ending on Sabbatum, the house'south acquirement and net income were $67.9 million and $27.ane 1000000, respectively. In the offset one-half of 2022, Argo reported a acquirement of $42.3 1000000.

CEO Peter Wall attributed the profitable menstruation to growth from its Helios facility in Texas and Sept. 23 initial public offering on the Nasdaq, stating:

"From breaking basis on our sustainable cryptocurrency mining facility in Dickens Canton, Texas to our public listing on Nasdaq in the United States, this quarter has been pivotal as Argo continues to scale."

In March, Argo purchased a 320-acre plot of country in Texas to expand its mining operations and provide it with 200 megawatts of renewable energy. In Baronial, the visitor claimed that its crypto operations had become "climate positive" for a number of greenhouse gas emission categories.

Related: Industrial Bitcoin mining breathes new life into tiny Texan town

On Saturday, the company entered into a purchase understanding for 20,000 Bitmain Antminer S19J Pro machines for the new facility. Delivery is expected in the second quarter of 2022, and the new hardware volition increase Argo's total hash rate capacity to around 3.7 exahashes per 2nd (EH/s), upwards from 1.07 EH/south at the finish of Q3, 2022.

On Sept. x, Cointelegraph reported that Argo had secured a $25-million Bitcoin-backed loan from venture firm Galaxy Digital. This follows a similar BTC-backed loan for $20 one thousand thousand information technology secured in June. The funds will be used to farther develop its Texas facility.