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

The company also canceled an $8 million order for mining machines from ePIC Blockchain Technologies.

AccessTimeIconAug 9, 2021 at 8:54 a.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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

  • The London Stock Exchange-listed mining company reported growth of more than 300% in earnings before interest, tax, depreciation and amortization to £16 million ($22 million).
  • The company also said it canceled its $8 million order, announced February, for mining machines from ePIC Blockchain Technologies due to "limitations of technology." With $5 million already deposited with ePIC, Argo has the option of purchasing ePIC mining machines, ePIC shares or receiving a full refund.
  • 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 the end of June from around $9,200 a year earlier.
  • At the time of writing, Argo Blockchain shares have slumped almost 7% today.
  • The London-based firm recently said it expects to list in the U.S. this quarter subject to regulatory approval and has submitted a draft registration statement to the Securities and Exchange Commission.
  • Key Events You Shouldn't Miss at Consensus 2024
    02:13
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    11:19
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    13:29
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    07:15
    What's Next for FIT21?
  • UPDATE (AUG. 9, 9:34 UTC): Adds cancelled order for mining machines.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.