Argo
Blockchain is joining the list of publicly traded cryptocurrency miners whose
production increased in September. One of the main players in the crypto mining
sector has mined 136 Bitcoin or Bitcoin Equivalents (BTC) last month, averaging
4.5 BTC per day. This represents a 34% increase compared to August 2023.
Additionally, the company saw a 23% increase in mining revenue, amounting to
$3.59 million.
Argo
Blockchain’s September performance was bolstered by a reduction in power costs,
thanks to accrued power credits from economic curtailment. These credits have reduced
the company’s electricity expenses and improved its mining margins and cash
flow. The increase in BTC mined is primarily attributed to fewer curtailment hours at the company’s Helios facility.
However,
the growth in Bitcoin production was slightly offset by a 4% increase in the
average network difficulty in September compared to August. Despite this, the
company increased its mining revenue by 23%, reaching $3.59 million
for the month.
As of 30
September 2023, Argo Blockchain held 32 BTC in its reserves. This is a decrease
from the 49 BTC it held at the end of August. The drop is mainly due to the
periodic revaluation of the company’s non-Bitcoin digital asset holdings.
Regarding
infrastructure, Argo completed the deployment of its BlockMiner machines in
September. These machines contribute approximately 0.3 EH/s to…
