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Argo Blockchain Reports 1.6 million Pounds In Net Income: 90% Drop Since Last Year 

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  • Argo Blockchain (ARB) shares that a net income of 1.6 million British pounds (US$2.1 million) was recorded in Q1. A drop of 90% in comparison to last year. 
  • Argo also cited various factors for it including a change in the fair value of digital assets. Bitcoin itself was trading in the $40,000 range for the most part in Q1, as compared to  $60,000, a year earlier in the same period.
  • Argo has made the purchase of $70.6 million from a New York Digital Investment Group (NYDIG) subsidiary In recent weeks. The Purchase is done to buy mining equipment for its Helios facility in Texas that would operate at 200 megawatts with the potential to be scaled up to 800 MW.

In Q1, the net income of 1.6 million British pounds (US$2.1 million) was reported by Argo Blockchain (ARB). There is a 90% drop in comparison to the corresponding quarter a year earlier.

A change in the fair value of digital assets among other factors is cited by Argo. Looking at the flagship currency Bitcoin, it was trading in the $40,000 range for the most part in Q1 in comparison to a year earlier in the same period when it was at nearly $60,000.

The revenue of only Bitcoin miners, based in London, listed on the London Stock Exchange (LSE) saw a rise of 9%  from a year ago to 14.9 million pounds. On Tuesday, Argo announced that this is accredited to the growth in the hash ratee of the company in the whole of 2021.

Compared to a year ago when Argo mined 387 bitcoin and bitcoin equivalents, it mined around 387 bitcoin and bitcoin equivalents this year. 

Argo was hodling 2,700 bitcoin and bitcoin equivalents, at the end of Q1.

Also Read: What Does Rise In Implied Volatility Of Argo Blockchain (ARBK) Stock Options Mean?

In recent weeks, Argo has made the purchase of $70.6 million from a New York Digital Investment Group (NYDIG) subsidiary for buying mining equipment for its Helios facility in Texas that would operate at 200 megawatts with the potential to scale up to 800 MW.

At the time of writing, the shares in ARB on the LSE were up approximately 3% on the day.

Nancy J. Allen

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