StockMarketWire.com - Cryptocurrency mining company Argo Blockchain reported a sharp increase in profit in the first half of the year on stronger output and rising bitcoin prices.

For the half year ended 30 June, pre-tax profit increased to £10.7 million from £0.5 million year-on-year as revenue increase by 180% to £31.1 million.

The number of Bitcoin and Bitcoin Equivalent mined during H1 2020 was 883 BTC, down from 1,669, due to the halving of May 2020.

Mining margin jumped to 81% from 39% as

number of Bitcoin and Bitcoin Equivalent held as at 30 June 2021 were 1,268 BTC, an increase from 127 Bitcoin and Bitcoin Equivalent as at 30 June 2020

'Our strategic priority in 2021 remains to focus on continued "smart growth", to further expand our mining capacity and our facilities whilst investigating new and innovative opportunities in emerging cryptocurrencies and addressing our environmental responsibilities,' the company said.


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