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.
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…