Argo Blockchain First-Half Revenue Surges on Bitcoin Production, Price

Argo Blockchain said first-half revenue surged 180% to £31.1 million ($43 million) as it produced more bitcoin and the cryptocurrency’s price increased.

  • The London Stock Exchange-listed mining company also reported growth of more than 300% in earnings before interest, tax, depreciation and amortization to £16 million ($22 million).
  • As of June 30, Argo held 1,268 bitcoin and bitcoin equivalent compared with 127 a year previously.
  • Argo CEO Peter Wall attributed the performance to a change in market conditions.
  • The price of bitcoin jumped to about $36,000 at end-June from around $9,200 a year earlier.
  • Argo has also provided an amendment to its agreement announced February with ePIC Blockchain Technologies for priority access to $8 million worth of ASIC mining machines over the next two years.
  • This initial purchase order has been cancelled due to “limitations of technology.” With $5 million already deposited with ePIC, Argo has the option of purchasing ePIC mining machines, common stock or receiving a full refund.
  • At the time of writing, Argo Blockchain shares have slumped more than 6% today.
  • The London-based firm recently said it expects to list in the U.S. in Q3 subject to regulatory approval having submitted a draft registration statement to the Securities and Exchange Commission.
Read more: Argo CEO Named Interim Chairman With US Share Sale Planned