CEO Peter Wall exhibits trust in digital assets with BTC salary payments
LONDON–(BUSINESS WIRE)–Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB) (OTCQX: ARBKF) today announced that they have mined 129 Bitcoin or Bitcoin Equivalent (together, “BTC”) in the month of February compared to 93 BTC in January. This takes the total amount of BTC mined year-to-date to 222 BTC. At the end of February, the company held a total of 599 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to $6.04 million compared to $3.46 million in January 2021. Argo generated this income at an average monthly mining margin of approximately 81 percent for the month of February, up from 71 percent in January 2021. Argo has additionally announced that as of March 1, 2021, CEO Peter Wall will receive his salary exclusively in Bitcoin.
“I’m thrilled that Argo has achieved another record month in both mining revenue and profits,” said CEO Peter Wall. “A mining margin of 81 percent is a new milestone for Argo and we’re excited to see what the future holds as we continue to add to our BTC HODL. I’m also pleased to be the first publicly traded company that we know of to have their CEO paid in Bitcoin. Argo is paving the way for both mining companies and the cryptocurrency industry at large.”
Alongside Wall, any other Argo team members may choose to be paid in Bitcoin for part of or all of their salaries. For those that opt in, Argo will automatically convert salaries from fiat to Bitcoin at the daily market rate using the Toronto-based Satstreet exchange using their “Bitcoin Savings” service.
On February 26, Argo completed installation of an additional 4,500 Bitmain Antminer S19 and S19 pro miners, leased in November 2020 from Celsius Network, that are now fully operational. This takes the Company’s total mining capacity to 1075 Petahash (SHA-256) in addition to 280 Megasols of equihash mining capacity.
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Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.
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