Cryptocurrency mining firm Argo Blockchain released the results of the first half of its financial year ending June 30.
According to a release on the website of the London Stock Exchange, revenues increased to GBP 31.1 million. This is an increase of 180% from GBP 11.1 million in H1 2020. This reflects an increase in production coupled with an increase in bitcoin prices.
Additionally, net income increased by 332% to GBP 16 million from GBP 3.7 million in H1 2020. This happened despite a GBP 6.2 million downward revaluation of digital assets and a GBP 1.6 million share-based payment charge. Meanwhile, the company’s mining margin reached 81%, up from 39% in H1 2020. Ultimately, the company achieved a pre-tax profit of GBP 10.7 million, a nearly twenty-fold increase from H1 2020’s GBP 500,000.
Argo also reported that the total number of BTC and bitcoin equivalent mined during H1 2020 was 883 BTC. This is about half its 2020 output of 1,669. The change from the previous period was mainly due to the halving event of May 2020. In sum, the total number of BTC and BTC-equivalents Argo held as of June 30, 2021, was 1,268 BTC, an increase from 127 on June 30, 2020.
The company also reported several operating highlights that occurred recently. For instance, as of June 30, mining capacity increased to 1,075 from 685 petahashes from Dec 31, 2020. The company also broke ground at its Texas facility. Significant changes in mining difficulty led to a substantial decrease in the global hashrate in June and July. This resulted in an increase in the number of bitcoins Argo mines with the same hash power, the company noted.
Earlier this year, Argo partnered with DMG Blockchain Solutions, a blockchain and cryptocurrency technology firm, to launch Terra Pool. If successful, this would be the first bitcoin mining pool to exclusively run on clean energy. It also recently received funding from Mike Novogratz’s Galaxy Digital.
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