Argo Blockchain revenue up 180% in H1 2021

For the first half of 2021, Argo Blockchain, a public mining company, reported revenue of £31.1m, up 180% from the same period a year earlier, the firm said in its interim results report.

EBITDA rose 332% — to £16m from £3.7m.

Profit before tax stood at £10.7m.

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

Argo noted in the report that the end of June and July saw a drop in hash rate and allowed mining more cryptocurrency on the existing equipment.

“We benefited from the shift in market conditions in the first half of 2021, delivering significant growth in both revenue and profit, demonstrating that our prudent growth strategy creates value for shareholders,” commented Argo’s CEO Peter Wall.

In March, Argo acquired a land parcel in Texas (USA) and gained access to 800 MW of electricity. The company began constructing the data centre and expects to complete the first phase with a capacity of 200 MW in the first half of 2022.

To finance the Texas project, Argo secured a loan from the cryptocurrency bank Galaxy Digital led by Mike Novogratz.

In May, the company acquired two hydro-powered data centres in the Canadian province of Quebec.

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