Argo Blockchain Monthly Revenue Drops Even as It Mined More Bitcoins

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Argo Blockchain, the sole crypto miner listed on the London Stock Exchange (LSE), said mining revenue fell 5.7% in December as a declining price for bitcoin more than offset an increase in production.

  • The London-based company mined 214 bitcoins last month, taking the total for 2021 to 2,045, according to an announcement Friday.
  • Mining revenue, however, fell to £7.82 million ($10.6 million) even as the number of BTC mined increased from 185 because of sharp dip in bitcoin’s value throughout the month.
  • The number of bitcoin mined by Argo in 2021 compares with those of Bitfarms and Marathon Digital who produced 3,452 BTC and 3,197 BTC respectively.
  • Last year saw Argo purchase a data center in West Texas and 20,000 Bitmain Antminer S19J Pro machines to fill it. The firm expects to see its hashrate increase by more than 2 exahash per second (EH/s) to a total of 3.7 EH/s when the center is completed in the first half of this year.
  • As well as trading on the LSE, Argo is also listed on the Nasdaq Global Market.
  • The London shares were trading up about 5% at the time of publication.

Read more: Kazakh Bitcoin Mining Seen Hurt Following Energy Riots, Internet Shutdown


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