Argo Blockchain swings into profit as it crosses major inflexion point in 2020
The crypto miner reported a 120% jump in revenues during the year, adding that all of its mining machines have now achieved over 100% return on investment
Argo Blockchain PLC (LON:ARB) swung into profit in 2020 as the cryptocurrency miner said it had crossed “a major inflexion point” during the year amid a surge in revenues.
In its results for the year to December 31, 2020, the company reported a net profit of £1.7mln compared to a £0.7mln loss in 2019 as revenues jumped 120% to £19mln.
The number of Bitcoins mined during the year also increased 85% to 2,465 during the year, while Argo said it had ended the year with cash and digital assets worth £6.7mln compared to £1.2mln at the end of the prior year.