For the six months ended June 30, 2020, the cryptocurrency miner reported underlying earnings (EBITDA) of £3.2mln, 96% higher year-on-year, while revenues jumped by 280% to £11.1mln as the company’s production ramped up. The figures were the result of a 545% increase in Bitcoins mined to 1,669 from 306 a year ago.
The firm also said during the period its production base had expanded by 260% to 18,000 crypto mining machines, making it one of the world’s largest publicly-listed miners.
Looking ahead, Argo said despite “turbulent global financial markets and, more significantly, the halving of Bitcoin rewards and the [coronavirus] pandemic”, it had entered its second half in a robust financial position with a solid mining base, putting it in “a strong position to take advantage of the recent recovery of both mining and financial markets”.
The firm noted that the long term prospects for digital currencies were continuing to improve and that across the rest of the year it will continue to focus on maximising the returns from its existing mining infrastructure as well as growing its operations and improving its margins.
"We delivered strong growth while successfully navigating through challenging trading conditions, including the halving of Bitcoin rewards, during the first half of the year. With one of the world's largest and most efficient mining platforms owned by a publicly listed company, the board considers Argo is well-positioned to benefit from improving market conditions and rising cryptocurrency prices", Argo chief executive Peter Wall said in the results statement.
The company also announced that its finance director James Savage is stepping down to pursue other business interests outside the crypto mining industry. Argo said Alex Appleton will join the firm as interim finance director after having previously held roles within large multinational organisations and worked within the cryptocurrency sector.