Publicly
traded on Wall Street and the London Stock Exchange (LSE), Bitcoin (BTC) miner
Argo Blockchain presented today (Monday) its latest report on cryptocurrency
production for the month of July. The result of 48 mined BTC is over 60% worse
than last year’s figures, but shows a slight improvement compared to recent
months.
In July,
Argo Blockchain mined 48 Bitcoins, translating to a production of 1.5 BTC per
day. Compared to June, this result is 4 Bitcoins better, but significantly
worse than last year. In July 2023, BTC production averaged 4.2 BTC per day,
totaling 129 tokens.
Despite
such a significant drop in the number of Bitcoins mined, which is partly due to
the increasing network difficulty and the April block reward halving, mining
revenues decreased much less. In July, they amounted to $3 million, compared to
$3.9 million reported in the same month last year. On a month-to-month basis,
however, they increased by $0.1 million.
Thomas Chippas, Argo. Source: LinkedIn
„Mining
margin for July 2024 was in the mid 20% range, lower than June as a result of
the lower hash price realized in July compared to June. As at 31 July 2024, the
Company held 11 BTC equivalent,” Aego stated in its newest report.
In response
to the latest report, ARB shares on the LSE fell over 9% on Monday morning,
dropping to 9 pence and testing more than a month’s lows. However, it’s
important to note that the decline may also be attributed to Bitcoin’s
deteriorating condition. After four days of steep losses, it dropped to just
$50,000. The last time Bitcoin’s price was this low was in February.
New Institutional Investor
for Argo Blockchain
Argo
Blockchain recently revealed a private placement deal valued at £6.5 million
with an institutional investor. This agreement includes the issue of 57,800,000
ordinary shares priced at £0.1125 each on the LSE, and it also provides the
investor with warrants to buy an additional 57,800,000 shares at the same
price.
The set
price for this placement is higher than Argo’s average recent trading prices,
yet it still offers a 10% discount compared to the closing price on July 29.
H.C. Wainwright & Co. has been appointed as the sole placement agent for
this transaction.
Argo’s
latest quarterly report highlighted a revenue increase to $16.8 million, up 4%
from the last quarter and showing an impressive 50% growth compared to the same
period last year. Additionally, the report noted a significant reduction in net
losses, which fell to $3.2…
