Argo Blockchain reported first-quarter net profit of £1.6 million ($2.1 million), down more than 90 percent year-on-year. Argo cited factors such as changes in the fair value of digital currencies, where Bitcoin was around $40,000 in the first quarter, compared with nearly $60,000 in the same period last year.
Argo mined 470 bitcoins and their equivalent, compared to 387 in the same period last year. Argo held 2,700 bitcoins and bitcoin equivalents at the end of the first quarter.
Argo has borrowed $70.6 million in recent weeks from a New York Digital Investment Group (NYDIG) subsidiary to buy mining equipment for its Helios facility in Texas, which will run at 200 megawatts and potentially raised to 800 MW.