A shattered crypto market has not deterred miners from purchasing crypto mining software packages, revealed Argo Blockchain.
The U.K.-based Mining-as-a-Service (MaaS) firm noted a 146% jump in its sales between October 1 and December 4 after selling a new batch of packages.
It led the company to beat its January 2019 sales targets ahead of time and by a notable margin. As of now, Argo expects to note an annual revenue of $6.2 million, up from $0.26 million when it listed on the London Stock Exchange.
Meanwhile, the firm stated that its net cash balance as of November 30 had reached close to $19.22 million.
Mike Edwards, co-founder, and director of Argo, claimed that their high revenue growth proved their strategies were working despite the crash in the crypto market lately. He acknowledged that the demand for crypto mining packages was already going up, which made Argo expand its mining capacity in September to cater to seven-times more subscribers. As expected, the supply underfed the growing demand, leading to an immediate sell-off of the mining software packages after release.
“Demand for the company’s packages continues to exceed supply, but the company looked to the future with confidence,” Edwards added.
Related Reading: US Mining CEO: Bitcoin Miners Are Being Flushed Out of the Market
Future Projections
Argo has a sustainable business model that could lead to “highly-profitable” fiscal quarters in the future, believes Alan Howard, a senior equity