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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.

Aug 9, 2021 at 8:54 a.m. UTC
Updated Sep 14, 2021 at 1:37 p.m. UTC

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.

UPDATE (AUG. 9, 9:34 UTC): Adds cancelled order for mining machines.

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