It’s been a very busy year so far for Argo Blockchain (LSE: ARB). Since the start of 2021, the cryptocurrency miner has released a plethora of announcements. And this week it announced its full-year results.
I reckon Argo Blockchain shares can keep climbing and I’d buy the stock. But I think its worth taking a closer look at the 2020 numbers.
The results
I’m not surprised with the overall positive set of figures. Last year was transformational for the company. Total revenue for 2020 increased by 120% to £19m.
But its mining margin for the year was 41%, down from 60% in 2019. Argo Blockchain puts this down to “challenging market conditions, including Bitcoin halving in May 2020 and the global impact of the COVID-19 pandemic”.
What I think should boost Argo Blockchain shares is that for the first time since the company’s inception, it has generated a net profit of £1.7m. This comes after it made a loss of £0.7m in 2019.
This gives me some comfort that the miner is not only increasing its revenue but also keeping its costs at bay. In fact, it even highlights that its…
