Argo Blockchain profit slumps as bitcoin halving, weaker crypto prices bite

StockMarketWire.com – Cryptominer Argo Blockchain reported that profit slumped in the first half of the year as sharp falls in crypto prices, and the bitcoin halving event hurt results.

For the six months to 30 June 2020, pre-tax profit fell to £0.52m from £0.95m on-year, while revenue jumped 280% to £11.12m.

The company blamed the slump in profit on the impact of the Bitcoin halving, which reduces the amount of new Bitcoin issued to miners as a reward for mining a block, and weak cryptocurrency prices.

The company also announced that James Savage was stepping down as finance director. Alex Appleton would be joining the company as interim finance director.

Despite the challenges, the group entered the second half of 2020 in a ‘robust financial position and with a solid mining base,’ the company said.

‘Our strategic priority in 2020 continues to be a focus on operational excellence and increasing our mining operations strategically.’

At 9:18am: [LON:ARB] Argo Blockchain Plc Ord 0.1p share price was +0.23p at 5.45p

Story provided by StockMarketWire.com

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