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Argo Blockchain PLC (LSE: ARB), a leading cryptocurrency mining company, has reported its H1 earnings results for 2021. According to the interim half-year results for 2021, the company recorded notable gains bolstered by the Bitcoin price pump and increased mining capacity.
During the six months preceding June 30, Argo Blockchain reported revenue of £31 million, up 180% compared to last year’s first half.
Additionally, the company reported its EBITDA for the first half of £16.0 million, reciprocating to a spike of 332% compared to last year’s £3.7 million. The notable spike came in despite a £6.2 million downward revaluation of digital assets coupled with a £1.6 share-based payment charge.
As for the pre-tax profit, the crypto mining company recorded £10.7 million during the first half of 2021, compared to £0.5 million recorded the same period last year.
During the first half, the company mined a total of 883 units of Bitcoin compared to 1,669 units of BTC mined H1 of 2020. The notable difference has been attributed to the Bitcoin halving that reduced the amount of Btc mined per 10 mins thus increasing the mining difficulty.
However, the company has seen its Bitcoin holding grow tremendously since last year’s halving.
“The total number of Bitcoin and Bitcoin Equivalent held as of 30 June 2021 were 1,268 BTC, an increase from 127 Bitcoin and Bitcoin Equivalent as of 30 June 2020,” the company said in the report.
Argo Blockchain in H1
The company continues to invest heavily in Bitcoin mining to capitalize on the rising market prices. Furthermore, institutional investors led by most hedge funds are seeking crypto exposure to hedge against increasing inflation.
Previously, the company had announced an initial purchase of $8 million mining rigs from ePIC Blockchain Technologies. With the delivery expected during the fourth quarter of 2021, both companies have agreed to make changes accordingly.
“Based on limitations of technology, Argo and ePIC have agreed to amend the agreement. Under the amended agreement, the initial purchase order was canceled and, at Argo’s option, $5 million deposited with ePIC, in whole or in part, can be applied to the purchase of ePIC mining machines or ePIC common stock or repaid in full,” the company explained.
Forward, the company continues to invest globally in crypto mining facilities. Notably, Argo Blockchain acquired 160 acres of land in West Texas. On it, the company announced that it is building a new hosting facility with up to 200MW of clean energy at low prices.
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