Argo Blockchain sales exceed supply

4th Dec 2018 14:16

(Sharecast News) - British cryptocurrency miner Argo Blockchain has seen strong growth over the last two months as sales of its subscription packages continued to exceed both expectations and supply.Argo's sales increased 146% between 1 October and 4 December to a total of 10,325 after a new batch of mining packages sold out immediately on release to the market.As a result, the AIM-listed firm beat its sales targets by a "significant margin ahead of schedule".The company now anticipates its current annualised revenue run-rate to be somewhere in the vicinity of $6.2m - a marked improvement from the $260,000 recorded at the time of its IPO back in August.Co-founder Mike Edwards said: "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.""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 with confidence."As of 1440 GMT, Argo shares had shot up 15.16% to 5.47p.