Argo Blockchain sales exceed supply

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.