Posted on September 19, 2018 by staff

Bitcoin mining makes the difference for tech firm


A Dorset tech firm has boosted sales to more than £50 million thanks to mining of cryptocurrencies such as Bitcoin.

Verwood-based IT equipment distributor Spire Technology increased turnover to £54.5m from £42.8m in the previous year while profits rose to £558,000 from £386,000.

“The financial year has been a positive one with the company posting strong increases in both turnover and gross profit,” the firm stated.

“The market continues to consolidate and margin pressure is ever present. Uncertainty over Brexit and constant currency fluctuations serve to frustrate the business.

“Cryptocurrency mining has been a feature of the market, creating increased demand for products across several categories and contributing to the turnover growth in Q3 2017 and Q1 2018.

“Conversely, this ultimately created shortages in the market which served to lessen the impact somewhat.”