Bitcoin mining company Argo has announced its revenue report: more than 10x profit. In 2021, as a result of the great interest in cryptocurrencies, especially Bitcoin, the revenues of mining companies started to increase. Bitcoin mining company Argo has announced its first half of the year revenue reports and announced that it has made a record profit of about $ 15 million.
Bitcoin mining company Argo has released its revenue report for the second half of the year. The company currently holds 1268 BTC, and its total value is over $55 million. Last year, Argo’s holding of Bitcoin was only 127 BTC.
Argo, which has significantly expanded its mining operations this year, announced that it will run an additional 4500 Bitmain Antminer S19 and S19 Pro mining devices with the agreement reached with Celsius Network in January.
More than 10 times profit compared to the previous year
This growth led to an incredible jump in the company’s profit percentage. While Argo made a profit of about $1 million in the same period last year, it made a profit of nearly $14 million in the first 6 months of 2021 before taxes were lowered.
Argo CEO Peter Wall called their growth a “smart strategy” and used the following statements:
“We knew how to take advantage of the big change in market conditions at the beginning of 2021. As part of our smart strategy, we have increased both our revenues and our profitability.”
Broker firm finnCap also raised its forecast for Argo’s share prices. On the other hand, there was a 7 percent decrease in the prices of company shares due to profit sales.