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For the previous year, revenue, profit and holdings of bitcoin miner Argo has raised significantly
- London based bitcoin miner Argo has said to have record growth for the year 2021.
- The bitcoin mining company has shared its EBITDA, net income and holdings of cryptocurrencies like bitcoin (BTC)
Recently a prominent bitcoin mining company Argo has announced on Thursday that its revenue grew by about 291% that made the total to reach upto 100.1 million. The growth was more than what it was the previous year of 2021. The Bitcoin mining company has credited the reason for this growth result to a significant hashrate increase on the bitcoin network, even a temporary difficulty drop resulting in the higher price of bitcoin in 2021.
Argo in 2021, mined approx a total of 2,045 bitcoin, which is about 17% drop in production of the top cryptocurrency on previous year that the firm has allocated to the halving of block reward in 2020. According to the announcement, the mining margin of the company was 84% and it was so largely because of bitcoin price during the same year as well as the global hashrate drop that took place due to crypto assets and operations crackdown in China.
The company has also shared the figures including EBITDA which was about $71.2 million after an increase of 594% in comparison to its previous year, it also shared its net income of about $41.5 million, witch an increase of aout 2,033% and the total cash and digital assets of the company by December 2021, were about $124.9 million that was based in the price of bitcoin at the same time.
By march 2022, total holding of bitcoin miner Argo had, was of about 2,700 bitcoin and this equivalent for worth about $122.9 millions. Argo has its headquarters in London, UK and two more facilities are available in Quebec and another one is in Texas.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
