Argo Blockchain Reports 34% Jump in BTC Mining

Argo Blockchain is becoming a member of the checklist of publicly traded cryptocurrency miners whose manufacturing elevated in September. One of many primary gamers within the crypto mining sector has mined 136 Bitcoin or Bitcoin Equivalents (BTC) final month, averaging 4.5 BTC per day. This represents a 34% improve in comparison with August 2023. Moreover, the corporate noticed a 23% improve in mining income, amounting to $3.59 million.

Argo Blockchain’s September efficiency was bolstered by a discount in energy prices, because of accrued energy credit from financial curtailment. These credit have decreased the corporate’s electrical energy bills and improved its mining margins and money circulate. The rise in BTC mined is primarily attributed to fewer curtailment hours on the firm’s Helios facility.

Nevertheless, the expansion in Bitcoin manufacturing was barely offset by a 4% improve within the common community problem in September in comparison with August. Regardless of this, the corporate elevated its mining income by 23%, reaching $3.59 million for the month.

As of 30 September 2023, Argo Blockchain held 32 BTC in its reserves. It is a lower from the 49 BTC it held on the finish of August. The drop is especially because of the periodic revaluation of the corporate’s non-Bitcoin digital asset holdings.

Concerning infrastructure, Argo accomplished the deployment of its BlockMiner machines in September. These machines contribute roughly 0.3 EH/s to the corporate’s hashrate capability at its Quebec amenities. With this addition, Argo’s whole hashrate capability now stands at roughly 2.8 EH/s.

Larger in August however Nonetheless Decrease YoY

The rise in Argo’s mining aligns with information launched by different main digital asset miners, together with Marathon Digital, Riot Platforms, and CleanSpark. As well as, Finance Magnates reported yesterday (Wednesday) that Bitfarms Ltd. Efficiently mined 411 BTC, representing a rise of seven.3% from the earlier month.

Whereas the expansion in comparison with August is simple, the outcomes are nonetheless significantly modest when in comparison with September of final 12 months. Argo’s report from September 2022 exhibits that the corporate mined 215 BTC, which is 79 greater than the present determine.

The identical applies to the beforehand talked about Bitfarms. Though the corporate reached its highest manufacturing price since Could in September 2023, it was nonetheless 70 BTC lower than the earlier 12 months. This has led extra individuals to query whether or not cryptocurrency mining remains to be worthwhile.

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