At the end of 2021, British mining company Argo Blockchain’s revenue amounted to £74.2 million ($100.1 million). The indicator increased by 291% compared to the previous year.

The company explained this with an increase in the hash rate, a temporary decrease in the complexity of bitcoin mining, and higher prices for the first cryptocurrency.

Argo posted a net profit of £30.8 ($41.5 million) for the year, up 2033% from the previous year.

In 2021, the company mined 2045 BTC. This is 17% less than the previous year due to the May 2020 halving.

Among the main events for 2021, Argo noted:

• purchase of land and start construction of Helios facility in Dickens County, Texas, with agreement to connect up to 800 MW of capacity;
• Purchasing from GPU, one of two data centers in Quebec, Canada, with a total capacity of 20 MW;
• Purchase of 20,000 bitcoin miner Antminer S19J Pro from Bitmain (delivery May-October 2022);
• Hash rate increased from 0.6 EH/s to 1.6 EH/s.

The Texas facility is scheduled to begin mining bitcoin in May, with an initial capacity of 200 MW.

In its presentation to investors, the company said that green energy is used for mining in both regions. In Quebec, the source is hydropower, and in Texas, wind generation. According to Argo, the tariffs are ~0.04kWh and ~0.02kWh, respectively.

The company has signed an agreement with Intel to supply ASIC chips for Blockscale mining, which was introduced this year. Argo expects this to increase the hash rate to 5.5 EH/s by the end of the year. An increase of 2 EH / s will be provided by devices from Bitmain, and equipment from an American manufacturer will add another 1.8 EH / s.

As of March 31, the firm has accumulated 2,700 BTC and bitcoin equivalents on its balance sheet. The Argo Labs division also holds 558 ETH and holdings in several other altcoins, including Polkadot (DOT), Solana (SOL), and Cosmos (ATOM).

Recall that in November 2021, Argo pulled out $57.5 million in debt financing for the construction of a data center in Texas.