120% revenue and 5 times EBITDA growth delivers first annual profit
Argo Blockchain Plc, a global leader in cryptocurrency mining (LSE: ARB), is pleased to announce its audited results for the year ended 31 December 2020.
Financial
Revenue increased by 120% to £19.0m (2019: £8.6m)
Total number of Bitcoins mined rose from 1,330 in 2019 to 2,465 in 2020, an 85% increase in annual production
Mining margin 41% (2019: 60%) despite challenging market conditions, including Bitcoin halving in May 2020 and the global impact of the COVID-19 pandemic
Administrative expenses were reduced by £1.1m to £2.4m as a result of series of cost reduction efforts
Achieved EBITDA of £7.9m in 2020 compared with EBITDA of £1.4m in 2019