Bitcoin Miner Argo Saw A 291% Revenue Increase In 2021
The results were attributed to a "substantial boost" in hashrate, a "temporary decrease in difficulty on the Bitcoin network," and higher bitcoin prices in 2021, according to Argo.
Argo mined 2,045 bitcoins in 2021, a 17 percent decrease from the previous year, which the company attributed to the block reward halving in 2020.
According to the release, the company's mining margin was 84 percent, which was mostly attributable to the decline in hashrate globally following China's crackdown, as well as the price of Bitcoin during the year.
Other data provided by the company include: EBITDA of $71.4 million (up 594 percent from the previous year), net income of $41.5 million (up 2,033 percent), and total cash and digital assets of $124.9 million as of December 2021, based on the bitcoin price at the time.
Argo had 2,700 bitcoin and bitcoin equivalents worth $122.9 million as of March 2022.
Argo has two locations in Quebec and one in Texas, with its headquarters in London, United Kingdom.
