Cryptocurrency mining company Argo Blockchain has released the results for the first half of its financial year ending June 30.
According to a post on the London Stock Exchange website, revenue increased to £ 31.1 million. This is a 180% increase from GBP 11.1 million in the first half of 2020. This reflects an increase in production coupled with an increase in bitcoin prices.
Additionally, net income increased 332% to GBP 16 million from GBP 3.7 million in H1 2020. This was despite a GBP 6.2 million downward appreciation of digital assets and a charge of share-based payment of £ 1.6 million. Meanwhile, the company’s mining margin reached 81%, up from 39% in the first half of 2020. In the end, the company achieved a pre-tax profit of £ 10.7 million, a nearly twenty-fold increase from £ 500,000. in the first half of 2020.
Argo also reported that the total number of BTC and equivalent bitcoins mined during the first half of 2020 was 883 BTC. That’s about half of its 2020 production of 1,669. change compared to the previous period is mainly due to the May 2020 halving event. In summary, the total number of BTC BTC and Argo-equivalent BTC held as of June 30, 2021 was 1,268 BTC, versus to 127 to June 30, 2021.2020.
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Operational highlights
company also reported several operational highlights that occurred recently. For example, as of June 30, mining capacity increased to 1,075 from 685 petahash as of December 31, 2020. company also opened its doors at its facility in Texas. 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 amount of bitcoins mined by Argo with the same hashing power, the company noted.
Earlier this year, Argo partnered with DMG Blockchain Solutions, a cryptocurrency and blockchain technology company, to launch Terra Pool. If successful, this would be the first bitcoin mining pool to run solely on clean energy. Recently, he also received Galaxy Digital funding from Mike Novogratz.
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