Controversial Oil Tycoon Moves to Shake Up Argo Blockchain Board
Frank Timis, a convicted heroin dealer and oil millionaire, is trying to oust execs at the London-listed crypto mining firm Argo Blockchain.
Doubling its mining capacity for privacy coin zcash could help Argo diversify after last month’s halving knocked its bitcoin revenue.
Bitcoin mining firm Argo Blockchain said an 11-fold increase in revenues shows pivoting away from mining-as-a-service was a good move for the company.
Argo Blockchain has reported a near quadrupling in revenue even as capital depreciation led pre-tax profits to slide by 45%.
For its first full year of operations, Argo says it generated just over $11 million in revenue
Struggling crypto mining firm Argo Blockchain says it's expecting to break even in the second quarter after an investment in new equipment.