London and
NASDAQ-listed miner, Argo Blockchain, has revealed a drop in monthly Bitcoin
(BTC) production and revenue. Despite these setbacks, Argo is enhancing its
total hash rate capacity and signals a stronger outlook for the future.
In June
2023, Argo mined 139 Bitcoin or Bitcoin Equivalents, averaging 4.6 BTC daily.
This represents a decrease of 17% from the 5.6 BTC mined each day in May 2023. During
the previous month, the total number of tokens mined was 173 BTC.
June’s
decline is attributed to increased network difficulty and a scale-down of
operations at the Helios facility in Texas. While this curtailment limited the
number of Bitcoin mined, Argo anticipates additional cash inflows from specific
power trading activities that Helios’ operator undertook.
The
Company’s revenue in June totalled $3.84 million, marking a drop of 19% from
May 2023’s figure of $4.75 million.
Despite
declining production and revenue over the past month, ARGO shares on Wall
Street are at relatively high levels. The company tested the April highs during
yesterday’s (Tuesday’s) session, closing the day at almost $30 per share.
Source: Yahoo Finance
Enhancements to Hash Rate Capacity
As of 30
June, Argo held 44 BTC. The firm maintained its…
