Argo Blockchain (ARB) reported web revenue of £1.6 million ($2.1 million) in Q1, a drop of over 90% in contrast with the corresponding quarter a 12 months earlier.
Argo cited, amongst different elements, a change in honest worth of digital currencies, with bitcoin priced within the $40,000 vary for a lot of Q1 in contrast with almost $60,000 in the identical interval a 12 months earlier.
The London-based and solely bitcoin miner listed on the London Inventory Trade (LSE) noticed its income enhance by 9% from a 12 months in the past to £14.9 million. That is attributed to a progress within the agency’s hashrate all through 2021, Argo introduced Tuesday.
Argo mined 470 bitcoin and bitcoin equivalents in comparison with 387 in the identical interval a 12 months in the past.
As of the tip of Q1, Argo was hodling 2,700 bitcoin and bitcoin equivalents.
Argo has in current weeks borrowed $70.6 million from a New York Digital Funding Group (NYDIG) subsidiary to buy mining tools for its Helios facility in Texas which might function at 200 megawatts with the potential to be ramped as much as 800 MW.
Shares in ARB on the LSE had been up almost 3% on the day on the time of writing.
Learn extra: Argo Blockchain Shares Leap After Up to date Hashrate Steerage
