Argo Blockchain’s Monthly Revenue Drops Even as It Mined More Bitcoin

The sole crypto miner listed on the London Stock Exchange mined 214 bitcoins in December.

Jan 7, 2022 at 9:05 a.m. UTC
Updated Jan 7, 2022 at 4:06 p.m. UTC

Argo Blockchain, the only crypto miner listed on the London Stock Exchange (LSE), said its mining revenue fell 5.7% in December as a declining price for bitcoin more than offset an increase in production.

  • The London-based company mined 214 bitcoins last month, taking its total for 2021 to 2,045, according to an announcement Friday.
  • Mining revenue, however, fell to £7.82 million ($10.6 million) even as the number of BTC mined increased from 185 because of sharp dip in bitcoin’s price throughout the month.
  • Argo mined fewer bitcoin in 2021 than Bitfarms (3,452) and Marathon Digital (3,197) did.
  • Last year, Argo purchased a data center in West Texas and 20,000 Bitmain Antminer S19J Pro machines to fill it. The firm expects to see its hashrate increase by more than 2 exahash per second (EH/s) to a total of 3.7 EH/s when the center is completed in the first half of this year.
  • In addition to trading on the LSE, Argo is listed on the Nasdaq Global Market.
  • The London shares were trading up about 5% at the time of publication.

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Jamie Crawley is a CoinDesk news reporter based in London.