The mining company explained this result by an increase in hashrate, a temporary decrease in difficulty on the bitcoin network, and higher cryptocurrency prices in 2021

Argo Blockchain revenue increased by 291% over the year

29.04.2022 - 15:15

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1 min

What’s new? In 2021, Argo Blockchain mining company had a profit of $100,1 million. This is an increase of 291% over the previous year. The company explained this result by a significant increase in hashrate, a temporary decrease in difficulty of mining bitcoin, and higher prices for the cryptocurrency. This is reported in an Argo Blockchain report published on the London Stock Exchange’s (LSE) website.

Report on the LSE website

What other data is contained in the report? Argo mined 2045 BTC in 2021, down 17% from the previous year. The company attributed this to the fact that the reward per block was halved in 2020. Earnings before interest expense, taxes, depreciation, and amortization (EBITDA) were $71,4 million, up 594% from 2020. The company generated $41,5 million in net profit, an increase of 2%.

Highlights at Argo for 2021. The company is building Helios, a mining farm in Dickens County, Texas. It is scheduled to launch in May 2022. The facility has an agreement to connect up the capacity to 800 MW (the initial capacity will be 200 MW). Highlights for the year also include the purchase of 20 000 Bitmain Antminer S19J Pro bitcoin miners and an increase in hashrate from 0,6 EH/s to 1,6 EH/s.

What happened before? Argo’s annual report with the US Securities and Exchange Commission (SEC) states plans to increase its hashrate to 5,5 EH/s in 2022. The increase in hashrate would come from the installation of mining equipment using Intel Blockscale chips.

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