Argo Blockchain CEO says Bitcoin mining extremely profitable in 2021
According to the statement of Argo Blockchain CEO Peter Wall, 2021 was a positive year for bitcoin, and Peter’s company earned record amounts during the year, even despite all the price drops in May and December. Argo is a crypto-oriented firm based in the UK. In an interview with CNBC, Peter Wall said that his company has become a leader among mining. In his opinion, despite all the failures of the year, there are much more positive moments in the cryptocurrency and bitcoin has further prospects. Although Bitcoin has fallen several times to critical levels, but each time it rises higher and higher, which shows its value and importance.
The value of the cryptocurrency has fallen by 30% compared to November, the price drop from the highs of 69 thousand dollars to the lows of 44 thousand dollars to its current level of 48 thousand dollars. Wall believes that bitcoin has formed its ecosystem and in 2022, increased interest in the asset class as capital inflows increase, regulatory clarity and steady mining are likely to help BTC prices grow throughout the year. The market is changing rapidly, but large companies are ready for these changes. Peter Wall assured that the price hikes for bitcoin over the past year and a half have led to increased revenues of companies from their investments. According to him, the profit of Argo Blockchain from mining during 2021 was a record, not only for his company, but also for many cryptocurrency miners. Also, he called the price of bitcoin, which can be considered profitable ($ 5,000-10,000), but it depends on many factors, such as the price of electricity and others. Even if the profit decreases, the hashrate is expected to increase due to an increase in interest in mining and more and more miners appear. According to Peter Wall, China’s mining bans have forced many miners to cease their activities, but with the advent of operations in other jurisdictions, more people will start mining.
Argo Blockchain company deals with the issue of electricity consumption during mining and environmental impact. Miners are gradually abandoning fossil fuels, and Argo is leading the way in promoting the use of renewable energy sources, including solar. Bitcoin miners are aware of the need for companies to be carbon neutral or even carbon negative.