Argo Blockchain Monthly Revenue Drops Even as It Mined More Bitcoins

Argo Blockchain, the sole crypto miner listed on the London Stock Exchange (LSE), said mining revenue fell 5.7% in December as a declining price for bitcoin more than offset an increase in production.

The London-based company mined 214 bitcoins last month, taking the total for 2021 to 2,045, according to an announcement Friday.Mining revenue, however, fell to £7.82 million ($10.6 million) even as the number of BTC mined increased from 185 because of sharp dip in bitcoin’s value throughout the month.The number of bitcoin mined by Argo in 2021 compares with those of Bitfarms and Marathon Digital who produced 3,452 BTC and 3,197 BTC respectively.Last year saw Argo purchase a data center in West Texas and 20,000 Bitmain Antminer S19J Pro machines to fill it. The firm expects to see its hashrate increase by more than 2 exahash per second (EH/s) to a total of 3.7 EH/s when the center is completed in the first half of this year.As well as trading on the LSE, Argo is also listed on the Nasdaq Global Market.The London shares were trading up about 5% at the time of publication.

Read more: Kazakh Bitcoin Mining Seen Hurt Following Energy Riots, Internet Shutdown