Crypto-Miner Argo Blockchain Reports Record Revenue After Bitcoin Prices Spike

Latest reports by the crypto-miner Argo Blockchain state that the company is enjoying record revenue for Q2. With this news, the publicly traded large-scale crypto miner Argo now owns more than 1.100 bitcoin. That amounts to a whopping $50m. Consequently, it all boils down to quite a successful year for this mining company. Especially if you consider that the total revenue of Argo is up by 180% during the first six months of 2021. This amounts to $43.182.350, which notices a spike in the numbers from 39% up to a hefty 81%.

 

The success of Argo in the crypto-mining field can be attributed to smart investments and perseverance. Given that most of the large-scale crypto miners are simply holding their bitcoins without a specific plan. Argo on the other hand now has over $50m in bitcoin, and only exists for about three years. Here is what Peter Wall, CEO of Argo Blockchain said on the matter:

We have capitalized on a change in market conditions in the first half of 2021 to deliver strong growth in both revenues and profits, demonstrating that our smart growth strategy is delivering value to shareholders.Peter Wall | CEO of Argo Blockchain

In conclusion, Argo netted around $15m pre-tax in 2021. If you consider that in 2020 this amount was worthed around $700.000 back then it is quite respectable. Especially since the percentage is almost double now, or from 42% up to 81%. The only ‘negative’ in crypto-miner Argo Blockchain and their record revenue story is probably the amount of bitcoin they mined this year. In particular, 883 this year, in contrast to 1.669 last year. However, the main reason for these numbers is due to the fact that there is currently half the amount of bitcoin in circulation. in comparison to last year. That is the price for the recent crypto-craze.

 

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