Argo Blockchain (ARB) reported first-quarter net income of £1.6 million ($2.1 million), down more than 90% from the corresponding quarter last year.
- Among other factors, Argo cited a change in the market value of digital currencies, with the bitcoin exchange rate hovering in the $40,000 range for much of the first quarter, down from nearly $60,000 in the same period last year.
- The London-based bitcoin miner, the only one listed on the London Stock Exchange (LSE), saw its revenue rise 9% year-on-year to £14.9 million. This was due to an increase in the hashrate in 2021, Argo announced on Tuesday.
- Argo mined 470 bitcoin and bitcoin equivalents, compared to 387 in the same period last year.
- At the end of the first quarter, Argo was mining 2,700 bitcoin and bitcoin equivalents.
- Argo borrowed $70.6 million in recent weeks from an affiliate of New York Digital Investment Group (NYDIG) to buy mining equipment for its Helios facility in Texas, which operates at 200 megawatts and can be ramped up to 800 MW.
- At press time, ARB shares on the LSE were up nearly 3% from the previous day.