Argo Blockchain’s bitcoin mining revenue jumps 291% year on year

For the year ended 2021, Argo Blockchain’s revenue amounted to £74.2 million ($100.1 million). The figure was up 291% from the previous year.

The firm explained that the rise was driven by higher hashrate, a temporary drop in Bitcoin mining difficulty, and higher prices for the leading cryptocurrency.

Over the year, Argo reported net profit of £30.8 million ($41.5 million), up 2033% from the prior year.

In 2021 the company mined 2,045 BTC, down 17% from the previous year due to the May 2020 halving.

Key events highlighted by Argo for 2021 included:

• land purchase and the start of construction of the Helios facility in Dickens County, Texas, which has a power connection agreement for up to 800 MW;
• acquisition of two data centres in Quebec, Canada, with a total capacity of 20 MW;
• purchase of 20 000 Antminer S19J Pro Bitcoin miners from Bitmain (to be delivered from May to October 2022);
• hashrate increasing from 0.6 EH/s to 1.6 EH/s.

The Texas facility is slated to begin mining Bitcoin in May with an initial capacity of 200 MW.

In the investor presentation the company said that green energy is used for mining in both regions. In Quebec the source is hydroelectric, and in Texas — wind power. According to Argo, tariffs are around $0.04/kWh and $0.02/kWh respectively.

As of 31 March the firm had on its balance 2700 BTC and equivalents of Bitcoin. The Argo Labs division also owns 558 ETH, and assets in several other altcoins, including Polkadot (DOT), Solana (SOL) and Cosmos (ATOM).

In November 2021, Argo raised $57.5 million of debt financing for a data centre in Texas.