Argo Blockchain Sees 180% Increase in H1 Revenue

Argo Blockchain, a crypto mining firm, has published the trading update for the first half of 2021 ended 30 June 2021 today. The company reported a jump in its revenues and pre-tax profit.

According to the official figures, the revenues of the company in the past six months came in at £31.1 million. The figure is 180% higher than £11.1 million in H1 2020, reflecting increase in production coupled with an increase in Bitcoin prices.

The firm saw its earnings before interest, tax, depreciation and amortization (EBITDA) increase by 332% to £16 million and pre-tax profit increase from £0.5 million in H1 2020 to £10.7 million for the first six months of 2021.

In addition, the company mentioned that its mining capacity increased from 685 petahash in December 2020 to 1,075 petahash in June 2021. And the company mined a total of 883 BTC during the first half of 2021.

"We have capitalised 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,”Peter Wall, chief executive and interim chairman commented.

As Fazzaco reported earlier, Argo Blockchain has completed the acquistion of two data centers​ located in the Quebec Province in Canada to support its "green mining vision".