Argo Blockchain (ARB) reported net income of £1.6 million ($2.1 million) in Q1, a drop of over 90% compared with the corresponding quarter a year earlier.
Argo cited, among other factors, a change in fair value of digital currencies, with bitcoin priced in the $40,000 range for much of Q1 compared with nearly $60,000 in the same period a year earlier.
The London-based and only bitcoin miner listed on the London Stock Exchange (LSE) saw its revenue increase by 9% from a year ago to £14.9 million. This is attributed to a growth in the firm's hashrate throughout 2021, Argo announced Tuesday.
Argo mined 470 bitcoin and bitcoin equivalents compared to 387 in the same period a year ago.
As of the end of Q1, Argo was hodling 2,700 bitcoin and bitcoin equivalents.
Argo has in recent weeks borrowed $70.6 million from a New York Digital Investment Group (NYDIG) subsidiary to purchase mining equipment for its Helios facility in Texas which would operate at 200 megawatts with the potential to be ramped up to 800 MW.
Shares in ARB on the LSE were up nearly 3% on the day at the time of writing.
Read more: Argo Blockchain Shares Jump After Updated Hashrate Guidance