Argo Blockchain PLC mines the crypto vein amid market boom

() swung into profit in 2020 as the cryptocurrency miner said it had crossed “a major inflexion point” during the year amid a surge in revenues.

In its results for the year to December 31, 2020, the company reported a net profit of £1.7mln compared to a £0.7mln loss in 2019 as revenues jumped 120% to £19mln.

The number of Bitcoins mined during the year also increased 85% to 2,465 during the year, while Argo said it had ended the year with cash and digital assets worth £6.7mln compared to £1.2mln at the end of the prior year.

Margins, meanwhile, decreased to 41% from 60%, however, the company said it had reached this level despite “challenging market conditions” including the coronavirus pandemic and a Bitcoin halving in May last year, a process that increases the difficulty of crypto mining.