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Argo Blockchain’s 11% Decrease in Bitcoin Mining

Argo Blockchain’s July BTC mining drops 11% due to weather and construction, while revenue remains steady at $3.87 million; adds 1,242 machines to expand capacity.

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Key Points

  • Argo Blockchain reports mining 129 BTC in July, averaging 4.2 BTC daily, an 11% drop from June due to weather-related downtime and construction.
  • Despite decreased production, July’s mining revenue remains stable at $3.87 million.
  • Company expands capacity with 1,242 BlockMiner machines, contributing 130 PH/s to total hashrate of 2.6 EH/s.
  • CEO Seif El-Bakly satisfied with growth and highlights curtailment programs for grid stability and reduced costs.

Argo Blockchain PLC, a global cryptocurrency miner listed on the London Stock Exchange (LSE: ARB) and NASDAQ (NASDAQ: ARBK), has published its operational update for July 2023.

The company reported mining 129 Bitcoin or Bitcoin Equivalents (BTC), with an average of 4.2 BTC per day. This represents an 11% decrease from the June 2023 daily average of 4.6 BTC.

The primary reasons for this decline are increased downtime at the Helios facility due to weather-related curtailment and ongoing onsite construction.

Despite the decrease in BTC production, Argo Blockchain’s mining revenue for July remained stable at $3.87 million, which closely mirrors the $3.84 million generated in June 2023. As of July 31, 2023, the company held a total of 46 BTC.

Expansion of Mining Capacity

In July, Argo Blockchain successfully installed and energized 1,242 BlockMiner machines at its facilities in Quebec, contributing approximately 130 PH/s to its total hashrate capacity, which now stands at around 2.6 EH/s.

The company has plans to deploy an additional 1,628 BlockMiners in the coming months, further expanding its mining capacity.

CEO’s Satisfaction and Curtailed Programs

Seif El-Bakly, Argo’s interim Chief Executive Officer, expressed his satisfaction with the company’s growth in hashrate capacity and the successful deployment of the BlockMiner machines.

He also highlighted the benefits of Argo Blockchain’s economic curtailment programs, which contribute to the stability of the Texas grid during peak demand periods while simultaneously reducing total power costs.

Concluding Thoughts

Argo Blockchain PLC, headquartered in London, UK, operates large-scale cryptocurrency mining facilities in Quebec and Texas.

The company, known as the first climate-positive cryptocurrency mining company since 2021, is committed to sustainable operations mainly powered by renewable energy sources.

Argo Blockchain is listed on both the London Stock Exchange (LSE: ARB) and NASDAQ (NASDAQ: ARBK).