Argo Blockchain profit falls on higher costs

Argo Blockchain PLC reported Wednesday a fall in first-half pretax profit due to higher costs and despite a surge in revenue.

The cryptocurrency-miner made a pretax profit of 523,074 pounds ($679,055) for the six months compared with GBP946,857 in the year-earlier period.

Revenue more than trebled on year to GBP11.1 million. However, hosting costs and mining-kit depreciation also rose.

Earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics which strips out exceptional and other one-off items–rose 96% year-on-year to GBP3.2 million.

The company said it has appointed Alex Appleton as interim financial director following the resignation of James Savage. Mr. Appleton has eight years of board level experience as both a finance director and as a chief operations officer, it added.

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