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.
Argo Blockchain’s renewable energy mining will differentiate it from the rest of the market, says broker
In a note, the broker said the Bitcoin mining firm’s results for 2020 had also come in “slightly ahead” of their expectations
Argo Blockchain PLC’s (LON:ARB) expansion of its Bitcoin mining operation with a new facility in Texas will enable it to differentiate itself in the market through “access to very low cost, renewable power”, according to analysts at its house broker finnCap.
In a note on Thursday, the broker said the Bitcoin mining firm’s results for 2020 had come in “slightly ahead” of their expectations, adding that based on a Bitcoin price of US$60,000 they expected the firm to generate £93mln of revenue in 2022 as well as invest around £180mln into its new Texas facility and new mining machines over the next two years.
Argo Blockchain report best in class results with focus on growing intelligently in 2021
Argo Blockchain PLC s (LON:ARB) Peter Wall catches up with Proactive London s Katie Pilbeam after swinging into profit in 2020 with 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.
Speaking to Pilbeam, Wall says the goals for us were to be leaner and smarter and we ve now done both of those things and put ourselves in a great place for 2021 .
The number of Bitcoins mined during the year also increased 85% to 2,465 during the year, he says we re excited about where we are and where we re going .
Cryptos to watch: Could Ethereum eclipse Bitcoin?
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Cryptos to watch: Could Ethereum eclipse Bitcoin?
The second most valuable crypto on the market is still at a fraction of the worth of its older sibling, however the technological difference between the two could give it an edge in a battle of the blockchains
The past week has not been a kind one to the crypto markets, with concerns over regulation and other legal issues causing the prices of many well-known tokens to rapidly fall in value.
One such victim of the downturn was Ether, the crypto token that powers the Ethereum network, which at the time of writing has fallen 10.1% over the last 24 hours to around US$2,299.
Bitcoin falls below US$50,000 as crypto sell-off continues
The original digital currency is currently trading at around US$48,000 just over a week after hitting a record high of over US$63,000
Bitcoin’s price has fallen below US$50,000 for the first time since early March as a sell-off in crypto markets continued to drag down the value of digital currencies across the board.
In mid-morning trading on Friday, Bitcoin was down 11.3% in the last 24 hours at US$48,231, just over a week after hitting a record high of just over US$63,000, while its market cap stood at around US$901bn.
Meanwhile, Ethereum, the second-most valuable cryptocurrency on the market, has fallen 13% to US$2,156, erasing almost all of its gains from the past week less than 24 hours after hitting its own record high of US$2,630 on Thursday evening.