Argo Blockchain reports impressive interim results
Argo Blockchain reported a jump in first-half profit as the Bitcoin price increased, and an expansion of its crypto mining business drove up revenue.
The company managed to increase their Bitcoin production
In its results for the six months to June 30, the crypto miner reported a pre-tax profit of £10.7m, up from £0.5m a year earlier, while revenue rose 180% to £31.1m, reflecting the company's increase in production and the rise in Bitcoin prices over the period.The company also reported a mining margin of 81%, a significant increase from 39% a year earlier, while the total number of Bitcoin and Bitcoin Equivalent (BTC) mined during the period fell to 883 from 1,669 a year earlier, a change attributed primarily to the halving of Bitcoin in May, which made mining the cryptocurrency more difficult.
Argo's BTC holdings also increased from 127 BTC in the previous year to 1,268 at the end of the reporting period.
What is in it for the future?
Looking ahead, Argo Blockchain said its strategic priority for 2021 remains focused on "smart growth" and expanding its mining capabilities, as well as increasing revenue from its installed hardware base."We have capitalized on a change in market conditions in the first half of 2021 to deliver strong growth in both revenues and profits, demonstrating that our smart growth strategy is delivering value to shareholders," Argo chief executive Peter Wall said in a statement.
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