By Jaime Llinares Taboada
Argo Blockchain PLC on Wednesday reported a major revenue drop for the primary quarter, reflecting greater prices and a revaluation of its cryptocurrency belongings.
The London-listed cryptocurrency miner made a pretax revenue of $1.9 million within the first quarter down from $25.3 million a yr earlier.
This was primarily pushed by a $6.1 million unfavorable revaluation within the honest worth of its digital currencies, which compares with a $13.2 million constructive change within the first quarter of 2021.
Income rose 9% to $19.5 million, however this was additionally offset by greater direct prices, skilled charges and different bills.
Shares at 0717 GMT had been up 3.9% at 53 pence.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT