Argo Blockchain Q1 Net Income Plunges 90% to $2.1 Million

Argo Blockchain reported first quarter net profit of $2.1 million, down more than 90% year-over-year. In addition, Argo cited the factor of changes in the fair value of digital currencies, with the price of Bitcoin at around $40,000 in the first quarter, compared to nearly $60,000 in the same period last year. 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.