Argo Blockchain Increases Bitcoin Production Revenue In First Half, Price

Argo Blockchain said sales rose 180% to £ 31.1 million ($ 43 million) in the first half as more Bitcoin was produced and the price of the cryptocurrency rose.

  • The London Stock Exchange-listed mining company reported earnings before interest, taxes, depreciation and amortization growth of more than 300% to £ 16 million ($ 22 million).
  • The company also said it canceled its $ 8 million order for mining machines from ePIC Blockchain Technologies, announced in February, due to “technology restrictions”. With $ 5 million already deposited with ePIC, Argo has the option to purchase ePIC mining machines, ePIC shares, or get a full refund.
  • As of June 30, Argo held 1,268 bitcoins and bitcoin equivalents, compared to 127 a year earlier.
  • Argo CEO Peter Wall attributed the performance to changed market conditions.
  • Bitcoin price jumped from around $ 9,200 last year to around $ 36,000 in late June.
  • At the time of writing, Argo Blockchain’s shares are down nearly 7% today.
  • The London-based company recently announced that it expects to be listed in the United States this quarter, pending regulatory approval, and has filed a draft registration statement with the Securities and Exchange Commission.

UPDATE (August 9, 9:34 UTC): Adds a canceled mining equipment order.

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