Argo
Blockchain plc, a major player in the global cryptocurrency mining sector, has
provided an operational update for May 2023, showing a rising number of
produced cryptocurrencies . The company, listed on both the London Stock
Exchange (LSE: ARB) and NASDAQ (ARBK), showcased a significant uptick in its
Bitcoin (BTC) mining operations.
Argo Blockchain Reports
Higher BTC Production
During May,
Argo mined a total of 173 BTC, averaging 5.6 BTC per day. This marks a
substantial 16% increase from the preceding month, with the average daily
production rate at 4.8 BTC. The swell in BTC production can be attributed to
increased uptime and an improvement in the operational efficiency of the
company’s mining fleet. Moreover, a jump in transaction fees on the Bitcoin
network also contributed to the overall surge in production.
In addition,
the previous month saw a rise in mining revenue for Argo, reaching $4.75
million—a solid 14% leap from April’s earnings, which stood at $4.17 million.
However, the company observed a decrease in the BTC holdings over the month,
with 50 BTC held at the end of May, down from 83 BTC held at April’s end. This
decline stems from the company’s decision to liquidate certain digital assets
with the intent to utilize the proceeds toward debt repayment.
“I’m pleased
by the significant increase in the company’s BTC production during the month of
May,” Seif El-Bakly, the Interim CEO of…
