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

Time:2022-01-11 Source: 736 views Trending Copy share

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.

By Jamie Crawley

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