9th Aug 2021 14:46
Argo Blockchain PLC - cryptocurrency miner based in London - Says pretax profit rises sharply to GBP10.7 million in the six months ended June 30 from GBP523,074 the year before. Revenue more than doubles in the first half to GBP31.1 million from GBP11.1 million. Sees earnings before interest, tax, depreciation and amortisation rise sharply to GBP16.0 million from GBP3.7 million, despite a GBP6.2 million downward revaluation of digital assets and a GBP1.6 million share based payment charge.
Mines 883 bitcoins and bitcoin equivalents in the half year, down 47% from 1,669 the previous year. Notes changes in mining difficulty in June and July, resulting in a significant drop in global hashrate and a higher number of Bitcoin Argo mines with the same hashpower.
Executive Chair Ian MacLeod says: "Our strategic priority in 2021 remains to focus on continued 'smart growth', to further expand our mining capacity and our facilities whilst investigating new and innovative opportunities... We will focus on increasing returns from our installed base by optimising hardware performance to reduce power consumption from clean power, improve machine uptime and maintain among the best mining margins in the sector."
Current stock price: 128.03 pence, down 2.3% on Monday afternoon
Year-to-date change: up sharply from 33.00p
By Scarlett Butler; [email protected]
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