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Argo Blockchain (ARB) reported a net profit of £1.6 million ($2.1 million) in the first quarter, down 90% from the corresponding quarter a year earlier.
Argo cites, among other things, the change in the fair value of digital currencies: Bitcoin was worth in the $40,000 range for most of the first quarter, up from nearly $60,000 in the same period a year earlier.
The revenue of the London and only bitcoin miner listed on the London Stock Exchange (LSE) increased by 9% compared to last year to 14.9 million pounds.
This is due to the growth of the company’s hashrate during 2021, Argo reported on Tuesday.
Argo mined 470 bitcoins compared to 387 in the same period a year ago.
As of the end of the first quarter, Argo had 2700 bitcoins and bitcoin equivalents.
In recent weeks, Argo has borrowed $70.6 million from a subsidiary of New York Digital Investment Group (NYDIG) to purchase mining equipment for its Helios facility in Texas, which will operate at a capacity of 200 MW with the potential to increase to 800 MW.
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