The UK’s
cryptocurrency miner Argo Blockchain (LSE: ARGO) reported its highest Bitcoin (BTC) mining
output since May. Additionally, the company announced the departure of Chief
Operating Officer (COO) Seif El-Bakly “to pursue other
opportunities.” In a separate statement, the firm also reported the
issuance of new ordinary shares with a total value of £7.8 million.
The company
announced a significant boost in its Bitcoin production for December 2023,
reporting mining 155 Bitcoin and averaging 5.0 BTC daily, marking a 4% increase
from the previous month. This growth in Bitcoin production is attributed to
several factors, including heightened transaction fees on the Bitcoin network
and improved operational efficiency. Argo’s mining revenue for December reached
$6.6 million, a substantial 25% increase from November 2023 and the highest in
the year.
The year’s
trajectory showed a varying pattern in Bitcoin mining, with the highest
production in January (168 Bitcoin) and a notable decline in August (105
Bitcoin). However, the company demonstrated resilience with a steady increase
towards the end of the year, culminating in December’s peak. The revenue
figures followed a similar trend, indicating the company’s ability to adapt to
the dynamic nature of cryptocurrency mining.
|
Month |
Bitcoin Mined |
Unaudited Mining Revenue, ($ in millions) |
|
January 2023 |
168 |
$3.4 |
|
February 2023 |
162 |
$3.8 |
|
March 2023 |
161 |
$4.1 |
|
April… |
