BeInCrypto –
Cryptocurrency mining firm Argo Blockchain released the results of the first half of its financial year ending June 30.
According to a release on the website of the London Stock Exchange, revenues increased to GBP 31.1 million. This is an increase of 180% from GBP 11.1 million in H1 2020. This reflects an increase in production coupled with an increase in bitcoin prices.
Additionally, net income increased by 332% to GBP 16 million from GBP 3.7 million in H1 2020. This happened despite a GBP 6.2 million downward revaluation of digital assets and a GBP 1.6 million share-based payment charge. Meanwhile, the company’s mining margin reached 81%, up from 39% in H1 2020. Ultimately, the company achieved a pre-tax profit of GBP 10.7 million, a nearly twenty-fold increase from H1 2020’s GBP 500,000.
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