Revenues on the crypto miner additionally surged by 180% to £31.1mln within the first six months of 2021, whereas margins expanded to 81% from 39%
Revenues on the crypto miner additionally surged by 180% to £31.1mln within the first six months of 2021, whereas margins expanded to 81% from 39%
Argo Blockchain PLC reported a revenue surge in its first half as a growth in Bitcoin costs and an enlargement of its crypto mining operations lifted revenues.
In its outcomes for the six months to June 30, the crypto miner reported a pre-tax revenue of £10.7mln, up from £0.5mln within the prior yr, whereas revenues surged 180% to £31.1mln reflecting the corporate’s enhance in manufacturing in addition to the rise in Bitcoin costs over the interval.
READ: Argo Blockchain rakes in Bitcoin amid fall in mining problem
The agency additionally reported a mining margin of 81%, a pointy rise from 39% the yr earlier than, whereas the full variety of Bitcoin and Bitcoin Equal (BTC) mined within the interval fell to 883 from 1,669 final yr, a change which was attributed principally to a Bitcoin halving in Could which made the crypto harder to mine.
Argo’s BTC holdings additionally jumped to 1,268 on the finish of the interval from 127 BTC the yr earlier than.
Trying forward, the corporate stated its strategic precedence for 2021 continues to be targeted on “sensible development” and the enlargement of its mining capability in addition to growing returns from its put in base of {hardware}.
“We’ve capitalised on a change in market situations within the first half of 2021 to ship robust development in each revenues and income, demonstrating that our sensible development technique is delivering worth to shareholders”, Argo chief govt Peter Wall stated in a press release.