Argo Blockchain revenue up 180%

August 9, 2021


Argo Blockchain revenue up 180%

For the first half of 2021, publicly traded mining company Argo Blockchain posted revenues of £31.1m, up 180% year-on-year, the firm said in its financial results report.

Argo's earnings before depreciation, interest expense, debt and direct taxes (EBITDA) rose 332% to £16 million from £3.7 million.

The pre-tax figure was £10.7m.

In the first six months of the year, the company increased its mining capacity from 685 PH/s to 1,075 PH/s. The firm mined 883 BTC during the period and brought its digital gold reserves to 1,268 BTC.

Argo said in the report that the reduction in bitcoin mining complexity in late June and July led to a drop in hash rates and allowed more cryptocurrency to be mined on existing equipment.

"We benefited from changing market conditions in the first half of 2021, delivering significant increases in both revenue and earnings, demonstrating that our smart growth strategy is delivering value to shareholders," commented CEO Peter Wall on the results.

In March, Argo bought land in Texas, US, and gained access to 800 MW of power. The company has begun construction of the data centre and expects to complete the first phase of the 200MW facility in the first half of 2022.

Argo received a loan from Mike Novogratz's Galaxy Digital, a cryptocurrency bank, to build the facility in Texas.

Recall that in May, the company acquired two hydroelectric-powered data centres in the Canadian province of Quebec.

Asset manager Horizon Kinetics has invested bitcoin

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