Argo blockchain plc announces 2021 full year results

London, uk / accesswire / april 27, 2022 / argo blockchain plc, a global leader in cryptocurrency mining (lse:arb)(nasdaq:arbk), is pleased to announce its audited results for the year ended 31 december 2021. financial highlights revenue increased by 291% to £74.2 million [$100.1 million] (2020: £19.0 million [$25.6 million]), driven by a significant increase in argo's hashrate, the temporary drop in difficulty on the bitcoin network, and higher bitcoin prices in 2021 mining margin* was 84% (2020: 41%); this was driven largely by an increase in the price of bitcoin throughout 2021 and the drop in global hashrate following the chinese ban on bitcoin mining in may 2021 achieved ebitda* of £52.9 million [$71.4 million] in 2021 compared with ebitda* of £7.6 million [$10.3 million] in 2020, a 594% increase delivered net income of £30.8m [$41.5 million], a 2,033% increase over the prior year (2020: £1.4 million [$1.9 million]) cash and digital assets held as at 31 december 2021 amounted to £92.6 million [$124.9 million] based on the bitcoin price at that time total number of bitcoin mined was 2,045 in 2021, 17% lower than in 2020; this decrease is largely attributable to the halving event that occurred in may 2020 which reduced the block award from 12.5 to 6.25 bitcoin per block as at 31 march 2022, the group held 2,700 bitcoin and bitcoin equivalents valued at £93.6 million [$122.9 million] based on the bitcoin price at that time *see non-ifrs reconciliation.
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