Argo Blockchain, one of the leading cryptocurrency mining firms, today released its financial results for the six months ended 30 June 2021. The company posted strong growth in revenues and pre-tax profit.
According to the results, the revenues of Argo Blockchain reached £31.1 million in H1 2021, which is 180% higher compared to the same period in 2020. The latest jump in revenues was mainly driven by an increase in production and a surge in the price of Bitcoin.
Argo also reported a pre-tax profit of £10.7 million for the first six months of 2021, compared to £0.5 million in H1 2020. Earnings before interest, tax, depreciation and amortization (EBITDA) jumped by 332% to £16 million in H1 2021.
During the latest announcement, Argo mentioned that the company mined a total of 883 BTC during the first half of 2021.
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Commenting on the latest financial results, Peter Wall, Chief Executive and Interim Chairman of Argo Blockchain, said: “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.”
In May 2021, Argo Blockchain announced the acquisition of two data centers in Canada to increase the company’s Bitcoin mining capacity.
Argo highlighted a jump in its crypto mining capacity during the first half of 2021. The company’s mining capacity increased from 685 petahash in December 2020 to 1,075 petahash in June 2021. “As previously announced, Argo committed to an initial purchase of US$8 million of mining rigs from ePIC Blockchain Technologies (“ePIC”), with delivery expected to begin in Q4 2021. However, based on limitations of technology, Argo and ePIC have agreed to amend the agreement. Under the amended agreement, the initial purchase order was canceled and, at Argo’s option, $5 million deposited with ePIC, in whole or in part, can be applied to the purchase of ePIC mining machines or ePIC common stock or repaid in full,” Argo mentioned in the announcement.