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Argo Blockchain revenue down in fourth quarter on lower cryptocurrency prices

By BFN News | 01:58 PM | Monday 20 January, 2020

Cryptomining company Argo Blockchain said its revenue fell in the fourth quarter amid a slump in cryptocurrency prices. Revenue for the year through December 2019 -- the company's maiden year of full operations -- was seen at £8.5m, up from £0.76m in 2018. In the fourth quarter, Argo said it produced 432 bitcoins from its cryptomining operations compared with 426 in the third, but revenue fell to £2.66m, down from £3.63m in the previous quarter. The fall was attributable to a drop in cryptocurrency prices, increased mining difficulty, and unfavourable foreign exchange rates towards the end of the year. 'Thanks to a resilient performance in the last quarter, Argo delivered annual revenues of approximately £8.5m in 2019, our maiden operational year when we commenced mining at scale only in the second half,' chief executive Peter Wall said. 'Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter' 'Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.' At 1:58pm: (LON:ARB) Argo Blockchain Plc Ord 0.1p share price was -0.15p at 6.9p Story provided by

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