() 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.
Read More: Argo Blockchain PLC mines the crypto vein amid market boom