Argo Blockchain (ARB) reported net income of 1.6 million British pounds (US$2.1 million) in Q1, a drop of over 90% compared with the corresponding quarter a year earlier.
Argo cited, among other factors, a change in fair value of digital currencies, with bitcoin (BTC) priced in the $40,000 range for much of Q1 compared with nearly $60,000 in the same period a year earlier.
The London-based and only bitcoin miner listed on the London Stock Exchange (LSE) saw its revenue increase by 9% from a year ago to 14.9 million pounds. This is attributed to a growth in the firm's hashrate throughout 2021, Argo announced Tuesday.
Argo mined 470 bitcoin and bitcoin equivalents compared to 387 in the same period a year ago.
As of the end of Q1, Argo was hodling 2,700 bitcoin and bitcoin equivalents.
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