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(Alliance News) - Argo Blockchain PLC on Wednesday said its revenue surged in the first half of 2020 on increased mining activity.
The cryptocurrencies miner said the total number of Bitcoins mined during the six months to the end of June rose to 1,669 from 306 a year prior.
As a result, revenue surged to GBP11.2 million, reflecting a major ramp-up in production, from GBP2.9 million reported for the first half of 2019.
Argo Blockchain said mining margin stood at 39%, down from 76% a year earlier, despite the halving of the Bitcoin mining rewards and amid challenging conditions.
Pretax profit for the half-year was slightly lower, however, at GBP523,074 compared to GBP946,857 a year prior. Argo Blockchain said it booked GBP126,914 in interest expenses, with no such costs recorded a year ago.
In addition, the company recorded a loss on digital asset movements of GBP244,827 compared to GBP37,404 in such profit in the first half of 2019.
"We delivered strong growth while successfully navigating through challenging trading conditions, including the halving of Bitcoin rewards, during the first half of the year," said Chief Executive Peter Wall.
"With one of the world's largest and most efficient mining platforms owned by a publicly listed company, the board considers Argo is well positioned to benefit from improving market conditions and rising cryptocurrency prices," added Wall.
AIM-listed Argo Blockchain shares were trading 2.8% higher in London on Wednesday at 5.36 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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