Bitcoin miner Argo saw a 291% revenue increase in 2021
Bitcoin miner Argo’s revenue grew by 291% to a total of $100.1 million in 2021 compared to the previous year, the company announced Thursday.
Argo credited the results to a “significant increase” in hashrate, the “temporary drop in difficulty on the Bitcoin network” and higher bitcoin prices in 2021.
In 2021, Argo mined a total of 2,045 bitcoin — a 17% drop compared to the previous year, which the firm attributed to the block reward halving in 2020.
As per the announcement, the company’s mining margin was 84%, again largely due to Bitcoin price during the year, as well as the drop in hashrate globally following China’s crackdown.
The company shared a few other figures: EBITDA was $71.4 million (a 594% increase compared to the previous year), net income was $41.5 million (a 2,033% increase) and the company’s total cash and digital assets as of December 2021 were $124.9 million based on the bitcoin price at that time.
As of March 2022, Argo held 2,700 bitcoin and bitcoin equivalents, worth $122.9 million.
Argo is headquartered in London, UK and has two facilities in Quebec and another one in Texas.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Catarina Moura
