For the first half of 2021, public mining company Argo Blockchain earned £ 31.1 million in revenue, 180% more than in the same period last year, the firm said in its statement of financial results.
Argo’s earnings before depreciation, interest and direct taxes (EBITDA) increased 332% to £ 16 million from £ 3.7 million.
The pre-tax figure was £ 10.7M.
In the first six months of the year, the company expanded its mining capacity from 685 PH/s to 1075 PH/s. During the period, the firm mined 883 BTC and brought its reserves in digital gold to 1268 BTC.
Argo noted in the report that the reduction in the difficulty of mining bitcoin in late June and July led to a drop in the hash rate and allowed more crypto to be mined on existing hardware.
“We have capitalized on the changing market environment in the first half of 2021, delivering significant growth in both revenue and profits, demonstrating that our smart growth strategy delivers value to shareholders,” said CEO Peter Wall.
In March, Argo bought a land plot in Texas (USA) and gained access to 800 MW of electricity. The company has begun construction of a data center and expects to complete the first stage with a capacity of 200 MW in the first half of 2022.
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For the construction of a facility in Texas, Argo received a loan from Mike Novogratz, a cryptocurrency bank Galaxy Digital.